Turnkey Dairy Plant Sale in Southwestern Missouri
Global Food Properties is pleased to announce the sale of a 140,000 SF turnkey dairy production plant in Seneca, Missouri. The Seller was Eagle Foods, a leading producer of sweetened, condensed and evaporated canned milk, with a 150-year history of manufacturing iconic brands in the dairy sector and beyond.
The Buyer is a well-established, third generation company with expertise in food facilities and dairy equipment. The plant was offered for re-occupancy, either under sale or lease, as a turnkey dairy plant or for a more generic food-grade use. Beyond immediate appeal for re-use as a dairy plant, the bundled asset presented the Buyer with several avenues of revenue generation, from the sale of surplus land, to the liquidation and sale of surplus equipment, to the sale or lease of the property itself. Under any combination of these scenarios, a functionally obsolete industrial asset will create jobs and capital, furthering local economic interests.
The market for older, second-generation food facilities continues to diminish. Having moved decidedly away from vintage plants with extensive obsolescence, occupiers increasingly focus exclusively on new construction, or the lesser renovation and investment of acquiring more modern facilities. Accordingly, those properties with age and value-engineered configurations tend to languish on the market for years, often deteriorating and trading ultimately for land or basic warehouse values. Hence, the benefits to all of orchestrating a sale which closed concurrently with the Seller’s removal of the final truckloads of finished goods, to a Buyer keenly interested in maximizing the return to all stakeholders.