Effingham Equity has agreed to purchase 23 acres of property from Mid America Motorworks, officials from the two companies said Friday.
“We are pleased to welcome The Equity to 23 acres of the Corporate Campus situated north of Effingham,” Mid America Motorworks CEO Mike Yager said in a press release.
The Equity intends to buy the current corporate headquarters building and attached distribution center, along with a portion of the property north of the current Mid America Motorworks headquarters building along Route 45.
Mid America Motorworks will retain 90 acres of property surrounding the current corporate headquarters. That includes property to the north, the Fun Dome and Install Dome, the amphitheater behind the current headquarters, and the 1910 gas station to the south, My Garage Museum, Mid America Motorworks retail operations and Performance Choice office building.
Mid America Motorworks plans to have its Corvette Funfest in 2021. This year’s event was canceled due to the COVID-19 pandemic.
The current corporate headquarters, with the full aftermarket Corvettte and Air-Cooled VW company, is moving into the former Performance Choice office building behind the 1910 gas station. Performance Choice moved its operations to Alabama and Texas.
“As we enter our 102nd year of existence this acquisition provides for our growth well beyond the foreseeable future,” said Bruce Vernon, CEO of The Equity. “Much has changed since the current office was constructed. In just the last 15 years we have grown from $155 million in revenues with 12 locations and 225 employees to over $450 million in revenues, 20 locations and 450 employees.”
The Equity plans to use the old Mid America Motorworks building for most of the corporate functions and the agronomy business unit. Equity anticipates grain feed and energy divisions will continue operations at 201 West Roadway.
“I want to personally thank Mike, Laurie and Michael for their professional, collaborative and pleasant approach to this transaction,” Vernon said of the Mid America Motorworks team. “It quickly became obvious that our shared respect for the community allowed us to advance this project promptly.”
The closing date for the sale of the property is expected to be in September.