Paint Plant Sold to Seligman Enterprises
Seligman Western Enterprises Ltd., an Anaheim real estate development firm, has paid about $3 million to buy a paint-manufacturing plant in Orange from Pratt & Lambert Inc.
The status of the paint company’s 11 employees is unclear now and subject to negotiation with their union, according to J.J. Castiglia, Pratt & Lambert’s president. The Buffalo, N.Y.-based paint company has leased back the plant for six months.
Fred Seligman, a retired physician who runs Seligman Enterprises, said he already has started development on part of the 5 1/2-acre site for a multi-tenant, 125,000-square-foot light industrial park.
About 40% of the floor space is scheduled to be completed in seven months, and construction of the remaining portion will start once Pratt & Lambert vacates the plant, Seligman said.
Pratt & Lambert sold the plant because the “highly appreciated value of this property was no longer consistent with its present utilization” and because a company it purchased Dec. 31 in Marysville, near Sacramento, would better serve the company’s market in the West, Castiglia said. He would not reveal the price his company paid for the Marysville firm, Universe Paint Co.
