More on the Bucyrus Purchase in Oak Creek

Bucyrus paid $9 million for the former Midwest Airlines headquarters building in Oak Creek, according to a story just posted on BizTimes.com.

Here is a link to the story, which clearly states that Bucyrus is moving its corporate headquarters to Oak Creek from South Milwaukee. (Other media outlets, and Bucyrus itself, have been a bit fuzzier on that reality.)

From the BizTimes.com story:

“At $9 million, Bucyrus purchased the 120,833-square-foot office complex for $74.48 per square foot. The property had been listed for $14.9 million, or $123.31 per square foot. …

Bucyrus, which manufactures mining equipment, has grown significantly in recent years and in February closed on the acquisition of the mining division of Terex Corp. With that acquisition, the company says it will create approximately 700 jobs in the Milwaukee area in the next 2 to 3 years. That means the company needs more office space, which is why it is purchasing the Oak Creek campus. Bucyrus plans to renovate the Oak Creek buildings and will move its corporate staff there in about 3 to 5 months.

The sale of the buildings should provide a property tax boost to the city of Oak Creek. Midwest Airlines did not pay property taxes on the property under a state property tax exemption for airlines with hub facilities in the state.”