Pet food manufacturer Stella & Chewy’s now owns its Oak Creek headquarters and production facility after a $24.5 million purchase closed this month.
The company has been in the 164,000-square-foot building since 2015 as a tenant, paying rent to real estate firms. That changes as Stella & Chewy’s bought the property from an affiliate of New York investor Lexington Realty Trust this month, according to state records.
Lexington bought the building shortly after it opened in 2015 for $22.6 million. At that time, Lexington reported that Stella & Chewy’s had a 20-year lease.
Stella & Chewy’s officials did not respond to a request for comment.
Founded in 2003, the company’s pet food can be found in national retail chains such as Bentley’s Pet Stuff and Pet Supplies Plus. The company and state officials in 2018 announced a $30 million investment to add more equipment to the Oak Creek building.
Stella & Chewy’s qualified for a $500,000 state tax credit for that investment, and reported creating more than 142 jobs in the past two years, according to the Wisconsin Economic Development Corp. website. Those hires are in addition to nearly 200 people already employed at Stella & Chewy’s.