Alliance Commercial Partners, a Denver-based real estate operating and investment company, recently purchased a 121,600-square-foot distribution center in the city of Pewaukee, which is occupied by A.L. Schutzman Company, for $8 million (or about $65.79 per square foot), according to state records.
The building is located at W234 N2100 Ridgeview Parkway Ct. in the RidgeView Corporate Park. Known as RidgeView Business Center V, the building was built by Interstate Partners in 2007.
It was sold in 2011 to Stockbridge Capital Group LLC, a San Francisco-based real estate investment management firm and registered investment adviser, for about $7.65 million. The building was part of an eight-building portfolio that was sold in 2011 by a joint venture of Interstate Partners and Towne Investments to Stockbridge Capital. The other buildings in the portfolio were all in Elgin, Ill.
The recent sale of the building by Stockbridge Capital to Alliance Commercial Partners was for about $350,000 more than the 2011 sale price.
The building has an assessed value of $5.68 million, according to Waukesha County records.
A.L. Schutzman manufactures and distributes nuts, trail mixes and dried fruit mixes. The company buys all of its products raw and roasts, seasons, mixes, packages and distributes the products. The sale of its distribution center will not affect its operations, said chief financial officer Joel Knudson. The firm’s headquarters are located in a nearby building.
Pewaukee is a hot industrial real estate market lately. Interstate Partners recently submitted plans to build five more industrial buildings there.