A local real estate investor has purchased a Glendale office building and plans to convert it into industrial space.
The 80,000-square-foot building at 4160-4180 N. Port Washington Road was purchased by Wauwatosa-based
Newlane Management for $3.2 million, according to state records.
Built in 1907 as an industrial facility, about half of the multitenant building was later converted to office space. The Wisconsin Department of Corrections was the most recent tenant in the building's office portion, but has since moved out.
Now, Newlane plans to convert that space into flex industrial units between 3,000 square feet and 16,000 square feet, according to
Thomas McCrossin, founder of Newlane.
Known as Beerline Crossing, the building was listed for sale by commercial real estate firm
Colliers | Wisconsin, which also represented Newlane and will handle leasing going forward. The property had a list price of $3.6 million, a listing shows.
"As office space, especially suburban, single-story office space, continues to struggle and the industrial market remains strong, I think we're going to see more and more of these conversions," said
Bill Langhoff, an executive vice president at Colliers that worked on the deal.
The property was sold by a Milwaukee-based entity called Beerline Crossing LLC.
