Local investors purchase former Newton Manufacturing building

The former Newton Manufacturing building is set to have new owners pending a Dec. 4 closing date on the sale of the building. Newton Elite Properties, LLC comprised of Julie Prendergast, Rick Roush and Josh and Becky Firkins will take over ownership of the 37,000 square foot building, 1123 First Ave. E., with plans to lease the space.

“We’re going to buy it and lease it out,” Prendergast said. “We’ll section it out so it isn’t such a big space. We’ve got lots of ideas it just depends on what works out with those ideas.”

Prendergast said the group looked at buying the building about a year ago, but it didn’t work out. More recently, the group has been working to finalize an agreement to take ownership of the property which boasts more than 3.7 acres.

“It is a great building, it is solid. I hated to see anybody tear it down," she said. "We are super excited to have this kind of an icon building and bring it back to life."

The building was planned to go up for auction in September with a low minimum bid of $225,000 required, but no viable bids were received. Prendergrast declined to release the sale price prior to closing.

Newton Manufacturing, the company who was previously housed on the property, declared Chapter 11 bankruptcy in June 2015 and the company was then purchased by HALO Branded Solutions of Sterling, Ill.

“That is a long time coming,” Newton Development Corporation Executive Director Frank Liebl said.

With Newton Elite Properties purchasing the building, a wish comes true for Liebl, who hoped to have a buyer see the value in the property and give it new life. With its prime location on First Avenue and ample parking with more than 200 spaces available, the property is already garnering interest, Prendergast said.

“I’ve had quite a few people take a look at it already,” Prendergast said. “I have one business that is going to expand to Newton from Johnston and are hoping to have all of the details taken care of to open the first of the year.”

Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or jpierson@newtondailynews.com