New York City-based real estate investment firm
SkyREM has purchased a Mukwonago manufacturing facility for $24 million.
The 246,637-square-foot building is fully leased to
Banker Wire under a long-term lease, according to a statement from SkyREM. Banker Wire, founded in 1896, manufactures woven and welded wire mesh and uses the Mukwonago building as its headquarters.
SkyREM purchased the facility from an affiliate of Banker Wire, state property records show.
Built in 2019 with 182,000 square feet, the facility was expanded in 2022 to accommodate Banker Wire's growth.
Located at 123 W. Boxhorn Drive, the facility is part of an industrial park on Mukwonago's south side that was created in 2018. Initially 116 acres, the park was
expanded by 120 acres in 2021. Today, the park has seven buildings.
“This acquisition reflects our ongoing strategy of targeting mission-critical, well-located industrial assets with strong tenancy,” said
Jacob Dembitzer, vice president of business development for SkyREM. “Banker Wire is a century-old company with a reputation for excellence and innovation, and we’re excited to welcome this property into the SkyREM portfolio and work with a great team who will remain our tenants."
In addition to the building's long-term lease, SkyREM highlighted Mukwonago's access to I-43 and a skilled labor pool, the statement said, as well as Waukesha and Walworth counties' tight industrial market, with vacancy rates of 1.3% and 0.6%, respectively.
SkyREM owns and operates 29 properties nationwide, its website shows, with a 485,000-square-foot property in Oshkosh as its other Wisconsin holding.
SkyREM purchased the Mukwonago building through a proprietary off-market relationship with the Newmark team, according to the statement.
