Gotion Acquires Former Kmart Warehouse In Manteno For $137.4M

A former Kmart warehouse located at 333 South Spruce Street in Manteno, Illinois has been sold in a transaction facilitated by Transformco Properties. The buyer, Gotion, a Chinese battery maker, acquired the property for a total of $137.4 million.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $137,400,000

The 1,600,000 square foot warehouse will be transformed into a $2 billion manufacturing facility for electric vehicle batteries. This investment aligns with Illinois' aspirations to become a major contributor in the electric vehicle manufacturing industry. Gotion's purchase was supported by state incentives worth $536 million, further solidifying their commitment to this endeavor. The manufacturing facility is expected to create approximately 2,600 job opportunities.

The brokers involved in this transaction were Keith Stauber and Sam Durkin from JLL, representing the buyer, Li Zhen from Gotion, and the seller, Scott Carr from Transformco Properties.