A trio of Germantown industrial buildings currently occupied by
Green Bay Packaging have been sold for nearly $10 million.
A group of 15 property owners in a tenancy in common arrangement, in which multiple entities share ownership rights of a property, sold the properties to a Minneapolis-based entity called SRRT Carnegie LLC, according to state records.
The properties, which total about 12 acres, are located at W190 N11333 Carnegie Drive, W190 N11260 Carnegie Drive and W190 N11393 Carnegie Drive in the Germantown Industrial Park.
Sold for $9.7 million, the properties have a combined assessed value of $4.3 million, according to Washington County records.
The buildings are currently listed as a facility used by Green Bay-based Green Bay Packaging, a manufacturer of corrugated packaging, folding cartons and coated label products. That company is
planning to build a 233,450-square-foot corporate office and light manufacturing facility northeast of the Holy Hill Road and I-41 interchange. The facility is expected to cost $60 million.
The company plans on relocating its Great Lakes Division from its current facilities in Germantown, which is split throughout four properties on Carnegie Drive, which the company leases, according to the company's proposal for its new facility.
Green Bay Packaging is a family-owned business that’s been in operation for 90 years. One of the state’s largest privately held companies, Green Bay Packaging employs 4,700 people across 38 nationwide locations.
