Cape Shoe building sold to fabrics firm

Business Today

Two large Cape Girardeau commercial buildings have been sold. One of them is the former Florsheim Shoe manufacturing plant, most recently occupied by Cape Shoe Co. at 1600 West End Blvd.

Tom Kelsey, broker with Lorimont Place Ltd., who handled the multimillion-dollar transaction, said Cape Shoe Co. and RM Coco Fabrics 21 purchased each other's properties.

The 94,000-square-foot former shoe manufacturing plant on 12 acres was purchased by the fabric distributor that currently employs more than 100 workers and has more than 12,000 national accounts. This purchase combines RM Coco Fabrics' distribution and manufacturing divisions into one facility.

Jim Rust, who runs the company, said there will be extensive renovations on the property including new offices and other modifications to accommodate its growing operation. The company plans to be in its new property by Jan. 1, 2003.

Kelsey said that Cape Shoe Co., headed by Eli Fishman, would resell or possibly do another property exchange of the 26,000-square-foot RM Coco Fabrics property Fishman acquired in the transaction located at 2355 Rusmar, just off South Kingshighway. Lorimont has the exclusive sales listing and the property is on the market for sale.

Cape Shoe is currently moving into leased space in the former Ralph Edwards Sportswear building. Renovations will soon begin on the former shoe plant, and the RM Coco group will lease the building from Cape Shoe until the first of the year.

Fishman said the former Florsheim building, which he purchased in January 2000, was too large for his manufacturing process, and he needed a smaller building. Cape Shoe currently employs about 40 people, many of them former Florsheim workers

Cape Shoe has been nationally recognized for its 100 percent American-made products. Feature articles on the business have appeared in the Wall Street Journal and other national and regional publications. Fishman says his company's shoe sales continue to increase throughout the country.