May 28, 10, 3:04 pm
May 28, 10, 3:23 pm
From the Business Journal...
It looks like Republic is off the hook for the balance of the lease term.
That story has been circulating for the last month. It was just a matter of closing the sale.
Jun 9, 10, 9:21 am
Update on the sale, from BizTimes.com:
Bucyrus paid $9 million for former Midwest Airlines HQ
Bucyrus International Inc. paid $9 million for the former Midwest Airlines corporate headquarters complex in Oak Creek, according to Scott Revolinski of RFP Commercial Inc., who brokered the deal for Lake Forest Ill.-based The Westminster Funds, which sold the property.
The sale price was not originally disclosed by Bucyrus, when the company recently announced that it purchased the office complex. Bucyrus was represented by Sam Dickman Sr. and Sam Dickman Jr. of The Dickman Company Inc. in brokering the sale.
Bucyrus will move its corporate headquarters at 1100 Milwaukee Ave., South Milwaukee, three miles west to the former Midwest Airlines headquarters campus, which consists of 120,833 square feet of office space in two buildings and 761 parking spaces on a 27-acre site.
At $9 million, Bucyrus purchased the 120,833-square-foot office complex for $74.48 per square foot.
The property had been listed for $14.9 million, or $123.31 per square foot.
Last year Midwest Airlines was acquired by Indianapolis-based Republic Airways Holdings Inc. Republic is eliminating the Midwest Airlines brand and is merging the airline into Frontier Airlines. Republic is adding about 800 jobs in Milwaukee, but has moved its Milwaukee area operations out of the Oak Creek corporate campus to Mitchell International Airport. Some corporate jobs in Milwaukee were consolidated into the company’s Indianapolis headquarters.
Midwest Airlines’ lease with The Westminster Funds for the Oak Creek campus would not have expired until 2018. However, Republic Airlines bought out its lease for the complex, Revolinski said. He declined to disclose details of the lease buy-out.
The sale of the buildings should provide a property tax boost to the city of Oak Creek. Midwest Airlines did not pay property taxes on the property under a state property tax exemption for airlines with hub facilities in the state.