By Alex Gary - Oct 28th 2024

 

BELOIT

It took a few weeks longer than expected, but the former Regal Rexnord headquarters on State Street in downtown Beloit has a new owner.

The Caldwell Group, a privately-owned company that was founded and has been based in Rockford, Illinois since 1954, paid $1,485,600 for the 115,000-square-foot building. The State Street building was constructed in 1990 by Regal-Beloit Corp. for $2.4 million and a training center was added in 2005 at a cost of $5 million.

Regal Beloit, which was started in 1955 when Beloit Tool opened in a former roller rink, changed its name to Regal Rexnord after a merger in 2021. The company then moved its headquarters to Milwaukee in 2023. Regal Rexnord still owns a 115,000-square-foot building at 449 Gardner St. in South Beloit.

The Caldwell Group makes “below-the-hook” lifting equipment, manufacturing things such as lifting beams and clamps to move pipes on construction sites, forklift attachments like booms and fork extensions, and sheet lifters and coil lifters to move coils and steel plates in steel mills.

The company is on a growth spurt. It started 2024 with 120 employees and now has nearly 160. Caldwell Group President and CEO Doug Stitt, a South Beloit High School and Beloit College graduate, said about 30 company executives and administrative staff will move to the Beloit location while production continues at its two Rockford facilities.

The company originally had hoped to be operating out of the Beloit headquarters by Oct. 1.

The purchase is the sixth million-dollar land deal in the Beloit area in 2024.

  • In August, Green Bay-based Schreiber Foods bought the Tru Aseptics business in Beloit with the real estate part of the deal at 2924 Wyetta Dr. being valued at $20.4 million.
  • In January, California-based Community Preservation Partners bought Woodside Terrace, a 120-unit affordable housing complex on Beloit’s northwest side for $8 million.
  • In July, the Walgreens at 1531 S. Madison Road was sold as part of a package of stores between investment groups for $3.68 million.
  • In September, W. Hughes Farms bought 166 acres of farmland on West Finley Road for $1.55 million.
  • In March, the Kensington House Apartments, 2927-2937 Kensington Lane, sold for $1.03 million.

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