Chicago-based HSA Commercial Real Estate plans to build a 175,000-square-foot multi-tenant industrial building on an 8.4-acre site at 901 Northview Road in Waukesha. The site was formerly occupied by AMF Waukesha Lanes, which closed last year.
“HSA’s internal market study shows significant demand in the area for modern, flexible light industrial and manufacturing space with loading docks,” the company says in plans submitted to the City of Waukesha.
No tenants for the building are named in the materials submitted to the city. When fully leased the building will have about 175 employees, according to HSA’s submittal to the city.
It will take about nine months to construct the building.
This is the latest of several speculative industrial buildings that are planned or under construction in southeastern Wisconsin as the supply of available industrial space in the region continues to dwindle. The region’s industrial space vacancy rate fell to 5.5 percent in the third quarter, down from nearly 10 percent during the Great Recession, according to Xceligent. The region has had 17 consectuve quarters of positive absorption of industrial space, including 1.2 million square feet of industrial space absorption in the third quarter.
The project is also one of several that HSA is developing in the Milwaukee area including the Mayfair Collection project in Wauwatosa and a health care building at the Drexel Town Square project in Oak Creek.