Briggs & Stratton has sold its Wauwatosa, Wis., plant to Milwaukee-based Phoenix Investors for about $24 million, reports BizTimes. Briggs will lease the facility back from Phoenix Investors with an initial 5-year term and three 5-year options to extend the lease.
The report says the plant It has an assessed value of almost $12.4 million, according to Milwaukee County records. The deal includes three buildings in total, the main Burleigh Street plant and two smaller buildings located just east of it.
Not included in the sale is the Briggs & Stratton corporate headquarters building, which is located just north of the Burleigh plant. However, Phoenix Investors has a "right of first offer" for the facility, but the report says that right "does not apply if Briggs is selling its business in an asset or stock sale or if it sells substantially all of its real estate holdings in a portfolio sale, according to documents filed with the county."