RACINE – Twin Disc Inc. is in the process of selling its venerable corporate headquarters and factory property at 1328 Racine St. to Milwaukee developer J. Jeffers & Co.
Citing a U.S. Securities and Exchange Commission (SEC) regulatory filing, the Milwaukee Business Journal reported Wednesday that Jeffers had its $3.25 million offer accepted for the property.
The sale agreement includes a lease-back provision for Twin Disc to remain at the current location for up to 18 months after the sale, the paper reported. The transaction is expected to close by Sept. 30. The deal also includes “certain adjacent properties,” according to the filing.
Twin Disc owns a large factory and offices at 4600 21st St. in Racine (21st and Ohio streets) and leases a distribution center on South Sylvania Avenue in Yorkville. Recent modernization of the 21st Street site gave the company an opportunity to streamline its local footprint, Twin Disc stated in regulatory filings.
Founded in 1918 as Twin Disc Clutch Co., the company produced a revolutionary clutch design for gasoline-powered farm tractors. Later modified for boats, the clutch was used for amphibious landing craft used in WW II.
Today, Twin Disc designs, manufactures, and sells marine and heavy-duty off-highway power transmission equipment worldwide.
The Twin Disc Heritage Gallery, an interactive company museum, opened in 2019 in a former factory space adjacent to its Racine Street headquarters.
J. Jeffers & Co.
J. Jeffers & Co. has extensive experience in redeveloping former manufacturing and office space into apartments, including some high-profile Racine projects.
The company is currently developing Belle City Square, a 16-acre apartment housing project, at the former Horlick Malted Milk Co. manufacturing complex at 2100 Northwestern Ave. Jeffers acquired that property, which is listed on the National Register of Historic Places, in 2018. The first phase opened last year.
Jeffers also joined with Lutheran Social Services to redevelop part of the former Gold Medal Furniture Co., 1701 Packard Ave., into the 77-unit Gold Medal Lofts. That project was completed in 2020.