General Mills sells idle Pillsbury plant to investor group - WDRB 41 Louisville News

General Mills sells idle Pillsbury plant to investor group

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NEW ALBANY, Ind. (WDRB) -- A Joint Venture of New Mill Capital Holdings and Tiger Capital Group has bought the former General Mills plant in New Albany.

According to a news release, the transaction, which included a large portion of the production equipment that was used in the plant, closed Nov. 14 for an undisclosed price.

The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for other food or non-food manufacturing uses.

"We are proud to be the new owners of the former General Mills plant," said Gregory Schain, Principal of New Mill Capital Holdings. "This plant is one of the highest quality food production and distribution facilities currently available in the Midwest. Between the high capacity waste water treatment, cooler space, rail access, storage silos, and many other amenities, this is turnkey space suitable for a variety of process and packaging operations."

Located at 707 Pillsbury Lane in New Albany, the plant sits on approximately 34.5 acres. The building, which has numerous loading docks and access points, can be adapted for a single occupant or multiple tenants.

"This acquisition adds to our rapidly growing joint venture, in which we purchase high quality industrial plants on a turnkey basis for the purpose of remarketing the assets," said Jeff Tanenbaum, President of Tiger's Commercial & Industrial division. "We look forward to a successful auction sale and to working with the city of New Albany and state of Indiana to put jobs and economic life back into the building."

Jeff Counsell of Global Food Properties represented General Mills on the sale and will stay on board with the new owners.

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