SOURCE: Binswanger


August 27, 2009 10:57 ET

Binswanger Brokers Major Sale in Red Oak, Iowa

MINNEAPOLIS, MN--(Marketwire - August 27, 2009) - On behalf of its client, MI Developments (America) Inc., Binswanger is pleased to announce the sale of a 196,000 sq. ft. building on 21 acres located at 2700 N. Broadway in Red Oak, Iowa. Ideally located the property provides convenient access to Highway 34, I-29 and I-35.

Gerald Norton, Senior Vice President of Binswanger, represented the seller, MI Developments, a real estate operating company engaged in the acquisition, development, construction, leasing, management, and ownership of industrial and commercial real estate properties around the world.

The buyer, Greenbrier Rail Services (GRS), is one of the largest railcar repair, wheel, refurbishment, and component parts manufacturing services networks in North America. Greenbrier Rail Services is relocating the American Hydraulics business unit to Red Oak, Iowa to accommodate growth in refurbishing and manufacturing railcar cushioning units for the North American railroad industry.

Tim Stuckey, President of Greenbrier Rail Services, states, "Greenbrier Rail Services prides itself in fostering a positive and productive work environment for our employees and becoming an active member of the community."

American Hydraulics will bring 135 jobs to Red Oak. "The transaction will impact the local economy and is a real morale booster for the town," remarked George Maher, the Executive Director of the Red Oak Industrial Foundation, "which lost 700 jobs as a result of closings."

Headquartered in Philadelphia, Pa., Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East, and Asia.

Contact Information

    Ellen Weiss
    215-448-6097 FAX