The deal is expected to close next month. Abrams has signed a non-binding letter of intent to buy the locally based Wheatstone, the company says in a prepared statement.
In energy management, Abrams already offers engineering, utility monitoring services, maintenance management and workflow management systems to help property managers and owners reduce the costs of operating buildings.
Alan R. Abrams, company co-chairman, president and CEO, sees the pending acquisition as "an opportunity to increase our market position in energy management." He says the acquisition "offers us great potential for expanding the economic synergies among our existing businesses."
Wheatstone has completed energy-saving projects for commercial, educational and government properties totaling more than 100 million sf since 1992, according to a prepared statement from Abrams. Abrams Industries entered the energy management business through its acquisition of Servidyne Systems in May 2001.
Abrams Industries' real estate division owns or controls about 1.5 million sf of shopping centers in the Midwest and Southeast and about 200,000 sf of office properties in the metropolitan area.
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