Last updated on March 1st, 2020 at 02:15 pm
New York-based investment firm Blackstone has acquired 14 industrial warehouses in southeastern Wisconsin for $268.65 million, which were part of a 27-building, $400 million acquisition of properties along the I-94 corridor in the Milwaukee and Chicago markets.
According to state records, affiliates of Blackstone acquired the buildings in Milwaukee, Racine and Kenosha counties from Oak Brook, Illinois-based CenterPoint Properties.
This includes six buildings in Milwaukee County, five buildings in Racine County and three in Kenosha County.
They were a part of a $400 million portfolio deal between the two firms. Real estate media outlets recently reported that Blackstone acquired a total of 5.9 million square feet from CenterPoint. Real Estate Alert reported the buildings were heavily concentrated along the freeway.
The Chicago-area buildings total 3.3 million square feet and are 89% leased. The Kenosha County properties were included in those numbers. The 11 buildings in Milwaukee and Racine counties total 2.7 million square feet and are 97% leased.
Three of the properties are located in LakeView Corporate Park, which CenterPoint co-developed with Wispark LLC, the real-estate development arm of Milwaukee-based WEC Energy Group. The three sold for $76.3 million. Their addresses are: 8505 100th St., 11500 80th Ave. and 8201 109th St.
Two Mount Pleasant buildings sold for $76.5 million. The buildings are located at 7100 Durand Ave. and 900-901 Renaissance Boulevard. A building in Sturtevant, at 1630 Enterprise Drive, sold for $20.8 million. A pair of buildings in Yorkville, at 1221 and 1333 Grandview Parkway, were sold for $24.7 million.
Two Milwaukee warehouses, at 5170 S. Sixth St. and 5211 S. Third St., sold for $33.5 million. Three buildings in Oak Creek — at 100 W. Oakwood Road, 9905 S. 13th St. and 7570-7622 S. 10th St. — sold for $24.2 million. A Cudahy building located at 5150 International Drive sold for $12.65 million.