The industrial building which houses Cadence, Inc., a medical device manufacturer, located at 1425 Neenah Avenue in Sturgeon Bay, has been sold to an out-of-state investor. The 7.72-acre facility was built in 2015, and despite changing ownership, the current lease agreement will stand.

“Candence, Inc. has a lease in place and they will continue to operate in this building long-term,” said Sam Malato, a Senior Associate for Marcus & Millichap who oversought the sale, “the sale has no impact on the tenant’s operations.”

Marcus & Millichap unveiled the sale in a press release on their website on June 10th and the property was marketed by Malato and Dominic Sulo, both investment specialists in Marcus & Millichap’s Chicago Oak Brook office. The property was originally listed for $6,379,000 on behalf of the seller, an unnamed Green Bay-based developer, though Malato declined to confirm the final sale figures.

Prior to the sale, Cadence, Inc. invested in their facility by adding a certified International Organization for Standardization (ISO) Class 7 cleanroom at the Sturgeon Bay facility. The addition will enhance their metal-stamping and injection-molding capabilities at all of their facilities.

“The Class 7 cleanroom has nothing to do with the sale,” Malato added, “I just pointed this out to show that the tenant is committed to this location.”

No reason for the sale was disclosed. 

Photo Credit: Marcus & Millichap - The Sulo Group