HAZELWOOD, Mo., Nov. 2, 2016 /PRNewswire/ -- A joint venture of Tiger Capital Group ( www.tigergroup.com) and New Mill Capital Holdings ( www.newmillcapital.com) has acquired the former Printpack printing plant in Hazelwood. The New York-based firms are currently exploring options for redeveloping the 30-acre site for new manufacturing or distribution uses, with incentives available to those bringing business to the city. The 260,000-square-foot plant, which was previously used for light manufacturing and distribution, was built in 1961 and expanded in 1975. The site is rail-served and strategically located near the Lambert-St. Louis International Airport, minutes from I-70, I-270 and I-170. "This first-class manufacturing and distribution location presents a prime redevelopment opportunity. Our team looks forward to working closely with the City of Hazelwood to help identify prospects for this prime site," said Jeff Tanenbaum, President of Tiger's Commercial and Industrial division. "This opportunity comes at a time when the St. Louis industrial market is experiencing record highs in absorption and construction, as well as record lows in vacancy thanks to its strategic central U.S. location and abundance of transportation networks." Demand is being driven by a variety of sources such as large, established employers like General Motors and Boeing, and smaller, growing companies in the e-commerce space, he added. New Mill Capital Principal Tom Murray added: "The plant could work excellently for a variety of manufacturers, especially those in need of a rail-served site. The site is large and flexible enough to accommodate a variety of different industries, and the local workforce is very strong. In addition, an attractive municipal incentive package is available for employers at this site." The new owners plan to auction the remaining machinery and equipment on-site early in the first quarter of 2017, but will be working with prospective tenants in the interim to bring activity back to the property as soon as possible.