General Mills sells New Albany manufacturing plant

American food company General Mills has sold its former dough-products manufacturing plant in New Albany to a joint venture (JV) comprising New York-based New Mill Capital Holdings and Tiger Capital Group.

Financial details of the transaction have not been disclosed by either company.

According to the purchase agreement, the JV will be acquiring a significant portion of the production equipment that was used in the plant.

The new owners intend to sell the remaining equipment by next year, and remarket the real estate for other food or non-food manufacturing uses.

New Mill Capital Holdings principal Gregory Schain said: "This plant is one of the highest quality food production and distribution facilities currently available in the Midwest.

“Between the high-capacity wastewater treatment, cooler space, rail access, storage silos, and many other amenities, this is turnkey space suitable for a variety of process and packaging operations."

The New Albany plant is approximately spread across 34.5 acres of land, and the building features numerous loading docks and access points, and can be adapted for a single occupant or multiple tenants.

Tiger's commercial and industrial division president Jeff Tanenbaum said: "This acquisition adds to our rapidly growing joint venture, in which we purchase high-quality industrial plants on a turnkey basis for the purpose of remarketing the assets.

"We look forward to a successful auction sale and to working with the city of New Albany and state of Indiana to put jobs and economic life back into the building."