Malvern, Pa.-based Liberty Property Trust, a real estate investment trust, held a groundbreaking ceremony Tuesday to celebrate the start of construction of a 171,114-square-foot speculative industrial building at 10020 S. Reinhart Dr. in Oak Creek.
The $6.3 million project is the latest example of the strength of the metro Milwaukee industrial real estate market, which has a 6.05 percent vacancy rate, according to Xceligent.
“We are experiencing interest from serious tenants regarding sizable amounts of square footage, which is rare in the Milwaukee market without a completed building,” said Neal Driscoll, Liberty Property Trust’s vice president of development in the region. “We hope this activity level will translate into signed leases as we begin tipping walls into place in the next 30 days.”
Actual construction work for the building started in June and is expected to be complete in November.
The architect for the development project is Stephen Perry Smith Architects, Inc., the engineer is R.A. Smith National, Inc. and the general contractor is Berghammer Construction Corp. The leasing team is Steve Sewart and Pat Hake of Colliers International.
