Ex-Crenlo plant sold for $12.65 million
STORE Capital Corp., a net-lease real estate investment trust based in Arizona, paid $12.65 million for the former Crenlo Engineered Cabs facility at 1600 Fourth Ave. NW on Dec. 7, 2022.
The Crenlo Engineered Cabs building is seen from Third Avenue Northwest Monday, Dec. 19, 2022, in Rochester. The long-time Rochester company shifted all of its production and design to its Plant #2 at 2501 Valleyhigh Drive NW.The cab maker leases the Valleyhigh site from STORE Capital, which purchased that facility for $21.5 million in 2021. It is not known what plans STORE Capital have for the Fourth Avenue industrial property. STORE Capital Corp., a net-lease real estate investment trust based in Arizona, paid $12.65 million for the former Crenlo Engineered Cabs facility at 1600 Fourth Ave. NW on Dec. 7, 2022. The Crenlo Engineered Cabs building is seen from Third Avenue Northwest Monday, Dec. 19, 2022, in Rochester. STORE, which stands for Single Tenant Operational Real Estate, is invested in a real estate portfolio with more than 2,600 properties across the U.S. It typically leases out its properties, often to their former owners.This sale is the latest action by Crenlo, which was enticed by a $1.25 million incentive package to remain in Rochester in 2021. The city of Rochester, the State of Minnesota, Rochester Economic Development Inc. and Rochester Public Utilities put together the incentive package in April to convince Crenlo to remain in Rochester and retain at least 336 jobs for five years. The package included a pair of forgivable loans -- $300,000 from Rochester's Economic Development Fund and $450,000 from the state's Minnesota Investment Fund.That package was put together after Crenlo's owner Angeles Equity Partners threatened to leave Rochester and told employees there was an offer to buy Plant #2, the Valleyhigh facility. As part of its strategy to remain in Rochester, Crenlo closed its 1600 Fourth Ave. NW facility.Crenlo was founded in Rochester in 1951 by R.R. Cresswell, John Enblom and W.W. Lowther. The company's name is an amalgam of the first two letters of the last names of the three men who started it.After decades of local ownership, it was sold to publicly owned Dover Diversified Inc. in 1999. In 2011, it was purchased by New York-based KPS Capital Partners. Angeles Equity purchased Crenlo from KPS in 2019. He has worked in Rochester for the Post Bulletin since 1999. Send tips to EMAIL or via Twitter to URL . You can call him at 507-285-7798. Twitter Facebook Linkedin