A 40-acre site southeast of South Moorland Road and West Grange Avenue, just south of the I-43/Moorland Road interchange, is for sale.
DeMichele Co. is listing the property for the owners. Most of the site is currently used as farmland.
The asking price for the site is $4.15 million.
The city’s master plan calls for industrial park development for the site, DeMichele said. The property is located adjacent to the Westridge business park development.
“This is the next extension of Westridge as we would see it,” DeMichele said. “Westridge is filled.”
The property could provide a needed site for industrial development. During the third quarter, the Milwaukee region’s industrial real estate market had positive net absorption of 1.7 million square feet of space and the vacancy rate fell to 6.7 percent, according to the latest Xceligent and Commercial Association of Realtors Wisconsin (CARW) market report. The region’s industrial space vacancy rate is at its lowest level since the third quarter of 2006, according to Xceligent.
“This would be a great site for spec industrial, or build-to-suit,” DeMichele said.
