It’s official, the former Paragon Partners property in Two Rivers has a new owner.
The property at 606 Parkway Boulevard in the Cool City is now owned by Trivers LLC, which City Manager Greg Buckley says will be rehabbing the current structure for industrial use.
“They will be offering space for lease for industrial manufacturing operations, as well as warehousing,” the City Manager explained. “We don’t know the specific tenant mix, but I’m aware of several area companies that I have referred to the developer.”
Trivers LLC, which is controlled by Oshkosh developer Art Dumke put in an offer on the 318,000 square foot property back in November, and now after the required due diligence period, signed on the dotted line yesterday.
Buckley admitted that while he was optimistic the sale would be finalized, the tumultuous history of trying to sell the property gave him a few worries.
The City even had another deal on the table last year, but that fell through.
Buckley said that this is definitely not a turn-key deal.
“There has been little or no activity at that property for…going on 23 years. It’s in need of a lot of rehab,” Buckley said. “We do feel that Mr. Dumke and his team are looking at it realistically in terms of the likely investment that needs to be made.”
In a post on Facebook, Buckley explained that the City’s Development Fund raised $1.2 million from the sale to invest in new economic development activity, making this sale a big win for Two Rivers in multiple ways.
He went on to thank Dumke for investing in Two Rivers, saying “We look forward to a long and productive relationship.”
