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The investment group 320 Gateway Partners LLC, which has ties to PrecisionWorks, bought the property from First National Bank for $1.35 million. Realtec Commercial Real Estate Services arranged the sale, which closed Dec. 4.
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PrecisionWorks already operates in 14,000 square feet of the 27,000-square-foot building, said Chief Financial Officer Greg Gernert. It bought the foreclosed building after the half in which it plans to expand was vacant for more than a year.
“It was an opportunity for this investment group to acquire the building and lease it back to PrecisionWorks,” Gernert said.
Established in 2003, PrecisionWorks makes wire harness assemblies for vehicles. The company has grown recently due to business from new clients who make buses used in public transportation as well as police cruisers, Gernert said.
“It was a great opportunity for us to have additional space for us to streamline our manufacturing process,” he said.
In about six months, PrecisionWorks plans to gradually begin hiring 10 to 15 new employees as part of its Johnstown expansion. It now employs more than 30 of its approximately 100 total employees in Johnstown.
PrecisionWorks also has facilities in California, Kansas, Michigan and Mexico.
The move marks the latest expansion in a string of similar announcements by companies planning to locate in Johnstown, including the Spine Institute, Fiberspar and PTI Group.