The former Magna-Tel property at 775 S. Kingshighway in Cape Girardeau has been purchased by U-Haul International. Tom Kelsey, broker with Lorimont Commercial Real Estate who handled the sale, confirmed the real estate transaction had been finalized earlier this week. Kelsey said he understands the 27,100 square-foot manufacturing, office and operations building will be converted to a public and self-storage operation by the new owners. Additionally, the property included a large former rear employee parking lot that additional new self-storage units would be constructed.
U-Haul presently operates a truck and trailer rental facility, service center along with a section of self-storage units just across Kingshighway at the intersection of Shawnee Parkway and South Kingshighway. Kelsey said the company will continue to operate at that location and this new property acquisition will expand their storage business. U-Haul International was founded in 1945 with headquarters in Phoenix and operates in all 50 U.S. states and 10 Canadian provinces. Magna-Tel was a manufacturer and marketing company of magnetic advertising items and at one time produced and sold identification signs for various industries including student driving vehicles. The company owned by the Hastings family ceased operations a couple of years ago. No sales price was disclosed however the asking price on the Lorimont website indicates $745,000.