When Swiss manufacturing company Mikron Industries shuttered its Richmond, Kentucky, plant in 2024, the closure meant the loss of about 150 jobs. But that plant was destined for a second life.
A few months after the Quanex-owned Mikron ceased operations in August, it sold the 303,399-square-foot industrial property it once occupied to Zekelman Industries, a manufacturer of pipes and modular building systems.
Quanex successfully transferred ownership to a joint venture between Zekelman Industries and Maverick Pipe, with the new owners taking occupancy immediately upon closing. The facility now serves as a manufacturing hub for Maverick Pipe brand products, which has had a profound economic impact on the local community.
Maverick's production needed enabled the rehiring of nearly all displaced workers, revitalizing the workforce and preserving critical manufacturing jobs in the region and bolstering employment stability. The sale of the property was selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards Sale of the Year for Lexington.
About the project: This industrial property at 100 Mikron Way sold for roughly $6.83 million, or about $22.54 per square foot.
What the judges said: "The economic impact on that market to restore over 100 lost jobs was significant," said Bruce Isaac, senior vice president at NAI Isaac. "This sale helped stabilize employment availability in an area affected by recent factory closures while providing an expansion opportunity for the buyer," said John Miller, assistant vice president at NAI Isaac.
They made it happen: Si Pitstick and Joshua Young of Newmark.