XY Pewaukee LLC, a Brookfield-based investment group, recently purchased the former Midwest Engineering Systems headquarters in Pewaukee for $2.9 million, according to state records.
The 55,084-square-foot facility is located on a 6.2-acre site at N26 W23445 Paul Road in Pewaukee. The property has an assessed value of $2.2 million, according to Waukesha County records.
The property was sold by an affiliate of Midwest Engineering Systems, which was represented by Matthew Quest, principal of Pewaukee-based Capital Commercial LLC.
Capital Commercial listed the facility in June with an asking price of $2.925 million and immediately received multiple offers, according to Quest.
“We knew this property would draw a lot of interest and that was quickly confirmed by the activity and multiple offers we received,” he said. “It became crystal clear that mid-size industrial properties in Waukesha County are an extremely hot commodity.”
Waukesha County had an industrial space vacancy rate of 4.0 percent during the second quarter, according to Xceligent.
Midwest Engineering Systems Inc., an automation systems manufacturer, is in the process of moving into a 100,000-square-foot facility at W238 N1800 Rockwood Dr. in Pewaukee. The company has a temporary lease for the space and plans to complete a purchase of the property in December or early 2015, according to Quest. The company plans to be operational at the Rockwood Drive property by mid-October, he said.
