Minnesota's Cortec Corp.opening plant in Sarasota


  • By
  • | 10:00 a.m. May 30, 2014
  • | 2 Free Articles Remaining!
  • Tampa Bay-Lakeland
  • Share

BUYER: Miksic Realty LLC (principal: Boris Miksic), St. Paul, Minn.
SELLER: 2420 Trailmate LLC
PROPERTY: 2420 and 2430 Trailmate Drive, Sarasota
PRICE: $1.4 million
PREVIOUS PRICE: $1.7 million, June 2004
LAW FIRM ON DEED: Syprett Meshad Lieb Dumbaugh Jones Krotec & Westheimer PA, Sarasota

PLANS, DESCRIPTION:
A company led by Boris Miksic, president and CEO of St. Paul, Minn.-based specialty chemical company Cortec Corp., purchased a 33,335-square-foot manufacturing facility in Parkland Centre for $1.4 million.

The price equated to $42 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.

Constructed in 1985, the building includes 5,000 square feet of office space, three-phase electricity service, 18-foot ceilings and a loading dock. The entire plant has air conditioning. It occupies a 2.16-acre site.

The VanDerNoord family's Interstate Industrial LLC was the seller.

Miksic is renovating and equipping the building to serve as the Cortec Biotechnology Campus. The company will be using the building to manufacture Cortec's corrosion inhibitor coatings and Bionetix's bioremediation and cleaning products.

The new facility largely stems from the cold winter weather this year that affected the company's existing plants in Wisconsin, Minnesota and Canada.

“What happened was we couldn't get containers and couldn't get our products out,” Miksic says. “This was a big problem. In some cases we couldn't get the parts we need. I've lived for the past five years on Longboat Key and gotten used to the lifestyle. So I thought why not expand into Florida?”

The new plant will also house two laboratories for biotechnology and marine corrosion research as well as sales and customer support offices for the Southeastern U.S., Caribbean, and Central and South Americas.

The location is expected to employ 75 to 100 people and open the first of August.

The Sarasota plant will give Cortec a total of 400,000 square feet of space between its six plants and the Corporate Technical Center in St. Paul, Minn., and one plant each in Montreal and Beli Manastir, Croatia.

The purchase entity, Miksic Realty LLC, mortgaged the property to U.S. Bank National Association for $1.12 million.

 

Latest News

Sponsored Content