Oak Creek industrial building sold for $5.6 million

OC Holdings LLC recently purchased a vacant 305,065-square-foot industrial building at 10001 S. Howell Ave. in Oak Creek from F.M. Real Estate Company LLC for $5.6 million.

F.M. Real Estate Company, which includes Milwaukee-based developer and commercial real estate owner Joel Lee and other investors, was represented by Bob Flood and Paul McBride of RFP Commercial. OC Holdings was represented by Steve Anderson of Anderson Commercial.
The building, constructed in 1980, has been vacant for about 6-8 months, Flood said. It was previously occupied by Bentley World-Packaging Ltd.

The property attracted significant interest from potential buyers in recent months as industrial space in the metro Milwaukee area has become increasingly scarce, Flood said.

“We had a number of different suitors looking at it,” he said.

The region’s industrial space vacancy rate has fallen steadily from 9.75 percent in late 2008 to 6.0 percent in the third quarter of 2013, according to Xceligent.

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