An investment group led by David Winograd has purchased the Canal Street Commerce Center in the Menomonee Valley near downtown Milwaukee.
The 146,532-square-foot industrial building was sold for an undisclosed price by Ziegler/Bence Partners 5 LLC, which developed the building in 2007. LCM Funds Real Estate LLC purchased the property, which is located at 1207-1301 W. Canal St.
The site had previously been part of the Milwaukee stockyards.
Today, the one-story building is 100 percent occupied. Tenants include two long-term anchor tenants, Jason Industries (doing business as Milsco Manufacturing) and Stamm Technologies.
Other tenants include Prolitec, PGW, Rexnord, Industrial Controls and Bence-Build.
The building is assessed by the city of Milwaukee at $8.5 million. The sale price was not disclosed.
Tom Shepherd with Colliers International brokered the deal.
“Canal Street Commerce Center garnered strong investor interest from all over the country,” Shepherd said. “Functional, infill industrial assets like Canal Street Commerce Center are in high demand nationally, and in Milwaukee the opportunities to buy these types of properties are scarce.”
J.J. Ziegler of Ziegler/Bence Partners 5 LLC, said selling the building was a tough decision because of his great relationship with the city, county, state and Menomonee Valley Partners.
“From day one, the partnership worked like they are supposed to,” Ziegler said. “From the Harley-Davidson Museum to Miller Park, the Valley has flourished with development thanks to this great partnership.”
