Photo by Deb Gau The historic New Atlantic Hotel building, located at Main and College in Marshall is on track to become the new home of Ralco’s corporate offices. Ralco said Friday that a purchase agreement has been signed that will allow Bello Cucina and U.S. Bank to remain in the building, but also develop the upper floors and the Landmark Mercantile next door into additional business space.

MARSHALL — Ownership is set to change at a pair of prominent buildings on Marshall’s Main Street, and the move will bring new tenants to downtown.

On Friday, the Knochenmus family, owners of Ralco, announced they have signed a purchase agreement with Schwan’s Company for the Landmark Mercantile and New Atlantic Hotel buildings at the corner of Main Street and College Drive. Current tenants Bello Cucina and U.S. Bank will stay on the buildings’ main level, but there are plans to turn part of the upper levels into a new corporate ofice for Ralco.

“We are excited about this opportunity to turn this beautiful and historic property into a business center to serve our community,” said Jon Knochenmus, president emeritus of Ralco. “Ralco is celebrating our 50th anniversary and this is a great way for us to thank the community that has supported us and to show our commitment to Marshall.”

The news was exciting for the Marshall community as well, said Marshall EDA Director Lauren Deutz. “It’s a building we would like to see filled,” she said. Deutz said the EDA had been working with Ralco for a few months, but the Knochenmus family’s plans for the New Atlantic and Mercantile buildings were “bigger than what we imagined.”

The announcement follows Ralco’s recent groundbreaking for both a new distribution center on Highway 23 and a new research farm north of Marshall.

“We have been very blessed to have so many gifted people at Ralco and it is important for us to have work environments that support our growth, creativity and collaboration,” said Ralco President and CEO Brian Knochenmus.

“We are a company focused on science and technology with 21 patents and 60 additional pending. We need to keep innovating, and this new space will enable us to create a great environment for our people to continue expanding solutions for our customers.”

Closing on the purchase agreement is planned for later this summer, and Ralco plans to be in their new space in early 2022. Besides converting part of the second floor into Ralco offices, there are also plans to complete space for additional retail businesses in the future, to convert the third floor of the Mercantile into a community event center, and to create short-term room rentals for business travelers on the third floor of the New Atlantic Hotel building.

“We’re very grateful for Ralco’s decision,” said Marshall Mayor Bob Byrnes. “It really show’s Ralco’s commitment to Marshall, in establishing the new corporate office in downtown.”

Preserving the New Atlantic Hotel building also helps protect a piece of Marshall’s history, Byrnes said. The New Atlantic building currently standing at Main Street and College Drive dates back to 1926. However, the location has been the site of a hotel for more than 100 years, going back before the original Atlantic Hotel was built.

In the early 2000s, the Schwan’s Company renovated the New Atlantic Hotel building with restaurant and commercial space on the main floor, and built the Mercantile building next door.

The property has more than 45,000 square feet of space.