LOS ANGELES, CA (PRWEB) December 11, 2012
Hackman Capital Partners, LLC, confirmed last week the purchase of the former Wheeling Corrugating plant in Beech Bottom, West Virginia from RG Steel, Wheeling, LLC. The firm is working in conjunction with The Business Development Corporation ("BDC") of the Northern Panhandle, a non-profit, who took title to the real estate following the auction of the real property and equipment. Hackman Capital will be working the BDC to develop and lease the site.
Beech Bottom was one of the last steel manufacturing facilities of RG Steel who filed for Chapter 11 bankruptcy this year. Hackman Capital, a Los Angeles-based private equity real estate investment firm, was the winning bidder at the auction for the onsite equipment. The firm, which specializes in these types of complex transactions, sources many real estate and equipment deals through bankruptcies, turnarounds, and financial restructurings and has deep experience redeveloping sites of this nature.
"We are excited to collaborate with the BDC to rejuvenate this site for better economic use," said Michael Hackman, Chief Executive Officer and Founder of Hackman Capital. Hackman confirmed that their plan is to sell the equipment.
Hackman Capital sourced the deal together with National Machinery Exchange and Capital Recovery Group and is working in cooperation with the BDC who has deep knowledge of the area. The massive site includes 600 total acres of land - 150 of which can be used for development - and sits in a prime location along the Ohio River. In recent years, this area has seen an energy boom throughout the region, which makes this a rare development opportunity.
"This area of West Virginia has exploded economically in recent months due to new ways to drill for natural gas, so we believe we have an excellent opportunity to attract companies to the site," said Hackman, "We are hopeful this will bring many new jobs to the area."
More about Hackman Capital
Founded in 1986 and headquartered in Los Angeles, Hackman Capital is a privately held, asset-based investment firm that focuses on the acquisition of industrial real estate and the purchase and sale of industrial equipment. The firm currently owns, through its affiliated entities, 100 facilities throughout the United States, totaling approximately 18 million square feet and more than 1,300 acres of developable land. Hackman Capital also has conducted hundreds of equipment acquisitions, dispositions, and liquidations on four continents. With more than 26 years of experience in acquisition, redevelopment, and asset management, Hackman Capital is known across marketplaces for its ability to successfully navigate complex transactions and financial restructurings involving real estate and equipment. The company is based in Los Angeles. For more information, visit http://www.hackmancapital.com.