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Massive unused Tipton plant goes back on the market

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A massive manufacturing plant in Tipton that’s never been occupied is available for $39.5 million—a steep discount from the original investment of roughly $100 million.

The Indianapolis office of St. Louis-based Cassidy Turley has been selected to market the 781,500-square-foot facility for its owner, The W.W. Reynolds Cos. of Boulder, Colo.

The plant is located on 106 acres in Tipton, north of Indianapolis, and was built by German manufacturer Getrag Corp. as part of a partnership with Chrysler LLC to build transmissions for the Detroit automaker.

The collaboration collapsed in October 2008 after Getrag filed for bankruptcy and halted work on the plant.

In 2010, W.W. Reynolds, a real estate developer, bought the building out of bankruptcy for $25 million and planned to lease it to Abound Solar Inc.

Loveland, Colo.-based Abound had hoped to hire 1,200 employees and make solar panels at the plant. But its plans to occupy the building never came to fruition.

The company gave up plans for the plant last month and filed for bankruptcy because its panels were too expensive to compete with Chinese-made products, according to the U.S. Energy Department.

Abound received a $400 million loan guarantee from the federal government as part of a stimulus package in 2010 and borrowed about $70 million against that guarantee.

Patrick Lindley, a principal of Cassidy Turley’s Indianapolis office, said in a written statement that the facility should generate national interest.

“With an original construction investment of over $100 million and an asking price of just $39.5 million,” he said, “this never-occupied manufacturing facility represents a tremendous buying opportunity.”

With 44 licensed brokers, Cassidy Turley is the city’s largest commercial real estate brokerage, according to IBJ statistics.
 

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