A Hammond company recently closed on a deal to buy a 123,000-square-foot manufacturing and distribution building in Valparaiso, setting up a move to Porter County.
AM Stabilizers Corp., an additive maker, recently finalized its nearly $2.8 million purchase of an industrial property at 706 Sihavy Road in Valparaiso, according to Illinois-based commercial realtor NAI Hiffman. The real estate firm leases and manages 56 million square feet of commercial space in metropolitan Chicago and Northwest Indiana.
Chris Gary, vice president with NAI Hiffman's industrial services group, represented both the buyer and the seller, which was the Valparaiso Redevelopment Commission.
The redevelopment commission originally bought the former North Coast Distributing facility more than a year ago, as an incentive to keep the expanding beer and beverage distributor in town. North Coast Distributing, which recently rebranded itself as Indiana Beverage, moved to a larger 250,000-square-foot space on Ind. 49 just south of U.S. 30, where it invested $15 million to retain 140 employees.
"We acquired (that building) so they could expand in another area," said Stu Summers, executive director of the Valparaiso Redevelopment Commission. "This is good backfill to occupy that building. We're delighted to add AM Stabilizers, which will help with economic development."
AM Stabilizers was formed by the Japanese companies Adeka and Mitsubishi. The firm makes an additive that used in a variety of products, including medical tubes, siding, and vinyl flooring.
Its products are mainly sold in North America. The company plans to come to Valparaiso in early 2014 with its 25 current employees, but hopes to eventually bulk up to 40 employees, Summers said.
"They're a good clean multinational company," said Summers, who helped negotiate the sale. "A few of the managers already live here in Valparaiso, and we're excited to bring them to our community."