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Oct. 17, 2012

Eaton Closes $12.9M Deal for New R&D Center

by Adriana Pop, Associate Editor

Cleveland-based Eaton Corp. has purchased a new 105,000-square-foot research and development center in Menomonee Falls for $12.9 million. According to the Milwaukee Business Journal, the company plans to move 185 employees from its current Milwaukee building to the new facility by mid-November.

According to state records, in April the company sold its seven-story facility on North 27th St. in Milwaukee to Jonco Industries Inc. for $1.4 million—less than half the property’s assessed value.

Once Eaton has vacated the building, Jonco Industries plans to renovate the property and target high-tech and light-manufacturing firms as potential tenants. Jonco’s sewing division will also occupy one floor.

“The building is set up to be an industrial office complex,” Jonco president Thomas Ryan told the Business Journal. “I think it’s a spectacular building that Eaton has kept up to date with all of their latest technology.”

In regional news, Hovde Properties plans to develop a $60.6 million, 14-story mixed-use high rise near Overture Center in Madison. Plans call for 255 apartments, including studios and one- and two- bedroom units that will rent for prices ranging from $850 to $1,825 per month. Furthermore, the project features 11,000 square feet of retail space, 19,200 square feet of office space, and 303 underground parking spaces. The city has already agreed to pay $5 million for 30,000 square feet of space for the Madison Fire Department.

The Wisconsin State Journal reports that the locally-based developer is seeking $5.2 million in tax incremental financing for its new project. “We think it’s going to be a great addition,” Hovde President Mike Slavish told the newspaper. “It will be a tremendous complement to State Street businesses as well as the surrounding neighborhood.”

Photo credits: menomoneefalls.patch.com

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