A developer is planning to build a new 190,000-square-foot speculative industrial building in Oak Creek.
Pewaukee-based
Capstone Quadrangle purchased the 11-acre site at 9955 S. 13th St. in 2019 for $1.3 million and is now finalizing agreements with the city to start construction there.
The 190,000-square-foot industrial building would be added to the existing Creekside Corporate Park, where Capstone has
developed other industrial buildings. Creekside Corporate Park is located across the street from Amazon's 2.5 million-square-foot warehouse and distribution center and Ryan Business Park, where Capstone also owns vacant land.
Michael Faber, founder and principal of Capstone, said that construction could start late this summer at the earliest or, if not this year, next construction season.
"The biggest challenge is the debt markets, so being able to get a loan for 50% to 60% of the building is a challenge," Faber told the Oak Creek Plan Commission last month.
The building, which will be marketed by
Cushman & Wakefield | The Boerke Company, is speculative and is divisible to 25,000 square feet, Faber told BizTimes.