A 10-building portfolio adjacent to the southeast corner of Milwaukee’s General Mitchell International Airport in Cudahy was sold to a Deerfield, Illinois-based real estate investment group.
The properties, which are a combined 879,704 square feet, are located near the intersection of College and Pennsylvania avenues.
They were operated and owned by Chicago-based joint venture WHI Real Estate Parnters L.P. and BK Ace Industrial Holdings LLC and purchased by Deerfield, Illinois-based Oak Realty Group Inc. for an undisclosed amount.
The building addresses included in the sale are: 1920 E. College Ave., 2100-2130 E. College Ave., 2150 E. College Ave., 2200 E. College Ave., 6215 S. Ace Industrial Drive, 6201 S. Ace Industrial Drive, 6120 S. Ace Industrial Drive, 6185 S. Ace Industrial Drive, 6055 S. Pennsylvania Ave. and 5877 S. Pennsylvania Ave.
Colliers International was the exclusive sales agent of the Mitchell Industrial Park. The investment sales team included Tom Shepherd of the Colliers Wisconsin and Jeff Devine and Steven Disse of the Colliers Chicago office.
“Investors are bullish on real estate near Milwaukee’s Mitchell Airport,” Shepherd said in a written statement. “I credit the seller for their vision for the potential of this property. The business park is now well-positioned to achieve consistent and attractive yields for the buyer. We welcome Oak Realty to the Milwaukee market and we’re confident that they will be good stewards of these assets.”
BK Ace Industrial Holdings purchased the business park in June 2014 from CenterPoint Properties.
After its 2014 acquisition, the seller rebranded the properties as Mitchell Industrial Park, and spent three years reinvesting in capital and tenant improvements to stabilize the occupancy.
Tenants in the park include DHL-Air Express International, Menasha Packaging, Mattress Firm and National Packaging.
Colliers will be retained by the buyer to handle the leasing. Pat Hake and Bill Langhoff of the Colliers Wisconsin office will continue to lead the leasing efforts.