An affiliate of Edina, Minnesota-based Capital Partners purchased a 90,000-square-foot industrial building at 16600 W. Glendale Ave. in New Berlin from an affiliate of Chicago-based First Industrial Realty Trust for $5.2 million, according to state records.
The building is occupied by the In-Store division of Sussex-based Quad/Graphics Inc.Tom Shepherd Sr., Jen Huber-Bullock and Heather Dorfler of Colliers Wisconsin brokered the deal for First Industrial.
The property was sold for well above its $2.9 million assessed value, according to Waukesha County records.
“We had multiple offers so the price got bid up,” Huber-Bullock said.
Capital Partners is one of the largest industrial real estate investors in the Twin Cities area. The acquisition is its first entry into the Wisconsin market, Huber-Bullock said.
“There were anxious to get into the Milwaukee market and are likely to do more acquisitions (in the area),” she said.
Just Closed | 90,089 SF
Single Tenant Industrial
New Berlin, Wisconsin (Milwaukee)
Net Leased to Quad Graphics (NYSE: QUAD)