A West Lafayette research building used until a couple of years ago by Elkhart-based CTS Corp. has been acquired by a startup real estate company.
The company, Indiana Technology Group LLC, is headquartered in West Lafayette.
It is owned by five individuals, including principal and spokesman Ahmed Alsoffi, a long-time West Lafayette businessman. Other owners include a physician, pharmacist and business owner, all of whom live between West Lafayette and Indianapolis.
The 101,000-square-foot building is within a block of Purdue Research Park, and will be marketed to companies needing research space, Alsoffi said.
The building was configured for CTS , which makes electronics for automotive, computer and defense, among other industries. The building has labs for engineering, manufacturing and manufacturing support.
Alsoffi wouldn’t disclose the purchase price. However, after an estimated $750,000 to $2 million is invested in renovations, Indiana Technology Group will have spent a total of $3 million to $5 million on the project, he added.
The deal is expected to close within 90 days.