A Kansas investment firm recently acquired four Milwaukee-area industrial buildings for $20.45 million as part of a $67.5 million, six-property industrial portfolio deal.
Fairway, Kansas-based Platform Ventures LLC acquired the six fully leased properties from a group of sellers led by Minneapolis-based Biynah Industrial Partners, according to a news release.
The portfolio included two facilities next to Milwaukee Mitchell International Airport. They are the 100,800-square-foot FedEx Ship Center at 5319 S. Third St., and a 100,250-square-foot building occupied by Milwaukee-based Wantable Inc.
The two buildings together were acquired for $9.7 million, according to state records.
Also included were a pair of buildings in Pewaukee: A 63,000-square-foot facility at N25 W23260 Paul Road, occupied by Saint Cloud, Minnesota-based Spee-Dee Delivery Service Inc., and a 78,750-square-foot facility at N25 W23040 Paul Road, occupied by London-based Pentair; Chestertown, Maryland-based Dixon Valve Corp. and Mendota Heights, Minnesota-based Restaurant Technologies Inc. Platform Ventures bought those buildings for $10.75 million, according to state records.
Rounding out the portfolio deal are a 648,000-square-foot Andersen Windows distribution facility in Menomonie and the 265,516-square-foot facility in Lino Lakes, Minnesota, that serves as the U.S. headquarters for French board game publisher and distributor Asmodee. Asmodee produces the English language version of the popular Catan series.
“These assets are well-located and maintained high occupancy and positive cash flow throughout our hold period,” Jeff Josephs, Biynah co-founder and managing principal, said in a statement. “Our ability to bundle the properties for sale further improved our operating results."
Representing the seller in the deal were Tom Shepherd of Colliers International's Milwaukee office, Mark Kolsrud of Colliers's Twin Cities office and and Colin Ryan, formerly of Colliers' Twin Cities office.
“Midwest industrial real estate has shown excellent resiliency through the disruption caused by the (COVID-19) pandemic, and this closing is a testament to the strength of underlying fundamentals of our market,” Shepherd said in a statement.