Franklin industrial building sold for more than $8.5 million

Acquired by Connecticut investment firm

4700 N. Ironwood Drive
Franklin property

Last updated on March 17th, 2020 at 01:34 pm

An industrial building in Franklin was acquired by a Connecticut investment firm for nearly $8.53 million, according to state records.

The records indicate an affiliate of Greenwich, Connecticut-based real estate investment trust Starwood Property Trust Inc. purchased the building and 9.1-acre site located at 4700 N. Ironwood Drive. It purchased the property from an affiliate of Carmel, Indiana-based real estate developer Becknell Industrial.

According to a fact sheet from Becknell, the 123,200-square-foot building is fully leased. It is occupied by API Heat Transfer, a Buffalo, New York-based manufacturer of specialty heat exchangers and heat transfer solutions.

The concrete building was constructed in 2000, and includes 13,530 square feet of office space along with 154 surface parking stalls. It is assessed at $6.87 million, according to city records.

Representatives of Starwood did not immediately respond to a request for comment on the transaction. Becknell also did not immediately return a call seeking comment.

Becknell originally acquired the building in 2015 for $8.15 million, according to state records. It also purchased around the same time an industrial building in Butler. Both buildings were acquired from Lake Forest, Illinois-based Westminster Capital for a total of $15.9 million.

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Alex Zank, former BizTimes Milwaukee reporter.

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