Business

California entity buys Whirlpool warehouse in North Liberty for $28 million

Los Angeles-based Banker's Commercial earlier this month paid some $28 million for Whirlpool's 750,000-square-foot wareh
Los Angeles-based Banker’s Commercial earlier this month paid some $28 million for Whirlpool’s 750,000-square-foot warehouse at 720 Alexander Way in North Liberty. (Thomas Friestad/The Gazette)

Whirlpool’s 750,000-square-foot warehouse in North Liberty this month came under new ownership.

Previous owner Realty Income of San Diego on Feb. 4 sold two parcels composing the 56.24-acre warehouse property, at 720 Alexander Way, to Banker’s Commercial of Los Angeles for $28,067,370, county property records show.

Banker’s Commercial shares its address and multiple executives with MUFG Americas — the U.S. arm of Mitsubishi UFJ Financial Group and parent company of Union Bank.

In an emailed statement, a Whirlpool spokesman said the company “is committed to the Amana, Iowa community and our operations in the area.”

Benton Harbor, Mich.-based Whirlpool, which also operates a refrigerator plant in Amana, employs more than 2,500 people in the Corridor, according to statistics from the Cedar Rapids Metro Economic Alliance.

“A third party purchased the warehouse at 720 Alexander Way from the previous owner, but there are no planned changes to Whirlpool’s current business operations,” the spokesman said.

Representatives of Mitsubishi did not immediately respond to requests for more information. A representative from Realty Income Corp. declined to comment on the sale, citing industry standard confidentiality.

ARTICLE CONTINUES BELOW ADVERTISEMENT

Built in 2004, the 750,000-square-foot warehouse initially operated as a regional distribution center for Maytag, which leased the property from a real estate investment trust.

Whirlpool acquired Maytag for $2.6 billion in 2006.

Upon its opening, the North Liberty warehouse created 200 jobs, according to a 2005 NAI Iowa Realty Commercial real estate report.

The warehouse now serves as a distribution center for the appliances Whirlpool manufactures in Amana, the company’s spokesman said.

Comments: (319) 398-8366; thomas.friestad@thegazette.com

Give us feedback

We value your trust and work hard to provide fair, accurate coverage. If you have found an error or omission in our reporting, tell us here.

Or if you have a story idea we should look into? Tell us here.