New York Investor Buys Future Master Lock Site in Oak Creek for $16.8 Million.

OAK CREEK -- Plans to move Master Lock's corporate headquarters to larger environs in the city of Oak Creek took a major step after a New York real estate investor purchased the property of $16.8 million.

A real estate investment trust called CPA:17-Global acquired the 26-acre campus at 6744 S. Howell Ave. and will lease it to Master Lock for more than 15 years., the Milwaukee Business Journal has reported Wednesday. Master Lock agreed to lease the property for 15.75 years. The company will move into the campus in early 2017.

According to a report by the Milwaukee Business Journal in early August, Master Lock would move to the 26-acre Caterpillar Global Mining Division campus at 6744 S. Howell Ave., which has about 121,000 square feet of office space in its two main buildings. It will take control of the Howell Avenue campus in fall to begin renovation work, and will move operations there in early 2017, according to a Master Lock press release. currently located at 137 W. Forest Hill Ave. in Oak Creek.

Master Lock currently employs about 350 workers at its Oak Creek headquarters. The company is currently hiring, and is expecting their new headquarters to accommodate around 450 employees.