Last updated on May 15th, 2019 at 04:48 pm
HSA Commercial Real Estate has purchased roughly 10 acres of land in Oak Creek’s OakView Business Park.
According to state records, an affiliate of the Chicago developer recently purchased the land at 10551 S. Oakview Parkway for nearly $1.1 million. The land was acquired from Wispark LLC, the real estate development arm of Milwaukee-based WEC Energies Group.
Jeff Hoffman and Chad Vande Zande of Cushman & Wakefield/The Boerke Co. respresented Wispark in the transaction.
HSA plans to build a 150,000-square-foot speculative industrial building at the site, Hoffman said. He added this would mark the third spec industrial building being developed by the group in Oak Creek, a clear sign the developer is optimistic about industrial prospects in that city.
Already under construction is a 132,000-square-foot building at 102 W. Oakview Parkway, also in the OakView Business Park. That project is set to complete this summer, said Hoffman. HSA will also break ground this year on a 180,000-square-foot industrial building at the northwest corner of Sixth Street and Rawson Avenue.
Hoffman and Vande Zande are listing those HSA buildings to tenants.
HSA could not be immediately reached for comment.
Erica-Nicole Harris, vice president of Wispark, said the land sale is the most recent example of the success the business park has had in recent years.
“When the OakView Business Park was conceived over 10 years ago, we envisioned it would be the largest shovel-ready business park for light industrial and office users in Milwaukee County,” Harris said in a statement. “That vision continues to be realized with our most recent land sale. We are very pleased with the success OakView Business Park has experienced thus far. OakView Business Park has been a pathway for the expansion of several local businesses and increased jobs in southern Milwaukee County, particularly in Oak Creek, because of the quality of shovel-ready sites in the immediate area.”
Hoffman said about 50 acres of land remains available in the business park. He added the park is one of the only places in southern Milwaukee County that offer shovel-ready industrial sites.
“We’re getting into another environment where it will be hard to find shovel-ready industrial sites in Milwaukee County,” said Hoffman.
Andrew Vickers, Oak Creek city administrator, said in an email he was aware of the pending sale to HSA for this particular parcel, though the city has not received any specific plans or specifications for the building.