Aldrich Chemical Company Inc. recently purchased a 182,000-square-foot industiral building at 690 W. Oakland Ave., Port Washington, from Park Street Industrial LLC for $2.15 million, or about $11.81 per square foot.
Brian Parrish and Dave Hazenfield of The Dickman Company represented the seller, an investment group affilated with and managed by Paul Wiese Real Estate, and Elizabeth Kane and Katie Hobbins of Coldwell Banker Commercial represented Aldrich Chemical.
MRZ Group, a pizza company, currently occupies about 60,000 square feet of space in the building. Aldrich Chemical plans to use the remaining 120,000 square feet for warehousing. Port Washington is located between Aldrich Chemical’s existing facilities in Milwaukee and Sheboygan Falls.
The sale of the building is a sign of the improving industrial real estate market in the area north of Milwaukee County, said Parrish.
"The Sheboygan and Ozaukee County markets have struggled for a couple of years," he said. "During the last 6 months there have been several buildings in that area that have gone under contract or have sold. The supply is tightening. It’s a nice change for the market up there."
It was difficult to find a building that fit Aldrich Chemical’s needs, Hobbins said.
"There’s just not a lot of properties that are available of that size," she said. "It was kind of like looking for a needle in a haystack."