A four-building industrial campus at 1101 E. Rawson Ave. in South Milwaukee, totaling 500,526 square feet of space, was sold recently for $19.1 million, according to state records.
The buildings were sold by an affiliate of White Plains, New York-based industrial real estate firm Reich Brothers to a Minneapolis-based entity.
Located south of Rawson Avenue, the buildings are the former Bucyrus International headquarters campus and were later used by Caterpillar, which acquired Bucyrus in 2011. Caterpillar used the buildings until 2017, according to a press release from real estate firm Colliers, which listed the buildings for sale.
Caterpillar’s Global Mining division maintains operations in a large industrial building north of Rawson Avenue.
The buildings that were sold at 1101 E. Rawson Ave. are leased to six tenants including Steele Solutions, Dawn Equipment and Styled Aesthetic, according to Colliers.
The building portfolio was listed for sale by Tom Shepherd and Jennifer Huber-Bullock of Colliers | Wisconsin.
“The campus offers tenants heavy power, numerous large capacity high-bay bridge cranes, rail access, and thick reinforced floors for manufacturing equipment,” a news release from Colliers says. “The offering garnered significant interest from investors across the United States and Canada.”
Colliers’ Milwaukee office will be retained to lease the remaining space for the new owner.
“Our team sold this campus once before when Caterpillar decided to vacate it in 2017,” Shepherd said in the news release. “It was exciting to work on it again now that it is vibrant with activity and home to several growing manufacturing companies. This provides a real-time testament to the resurgence of manufacturing interest in southeast Wisconsin from both space users and investors.”
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