Hoffmann Brothers Plans New Training Facility After Acquisition
Date Posted: September 17, 2019
Posted In: Projects,
From St. Louis Business Journal: The real estate arm of Hoffmann Brothers, an HVAC, electrical and plumbing company, has acquired a 55,000-square-foot building in the Hanley Business Park, its third asset in the Brentwood industrial area.
Hoffmann Real Estate closed on its purchase in August of 1002 Hanley Industrial Court, home to Renew Transfer and Classic Car Studio. Ben Friedman of DCM Group represented Hoffmann Real Estate. The seller was 1002-1010 Hanley Industrial Court LLC.
The deal follows Hoffmann Real Estate’s acquisitions of 1001 Hanley Industrial Court and 1025 Hanley Industrial Court, the latter of which is Hoffmann Brothers’ headquarters. Hoffmann Real Estate now owns 115,000 square feet in Hanley Business Park and has invested $1.5 million in property improvements.
No purchase price was disclosed for the most recent acquisition, but the total price of all three deals was $6.7 million. First Bank was the lender for all three acquisitions, said Chris Hoffmann, managing member of Hoffmann Real Estate.
Hoffmann Brothers, of which Chris serves as president, is planning to build a 15,000-square-foot training facility for its more than 150 plumbers, HVAC technicians and electricians, as well as make it available for other contractors in an attempt to address the national workforce challenges facing the trades.
“We’re seeing a huge need to develop and grow our own technicians,” Hoffmann said of the proposed training facility.
One way Hoffmann Brothers has focused on attracting and retaining talent is through company benefits, he said. This year, Hoffmann Brothers doubled its 401(k) employer match to 8%. That’s on top of the company paying 100% of employees’ health care premiums.
“To provide exceptional service, you have to have exceptional people. So we thought, how can we turn it up a notch?” he said.