Several large industrial buildings have sold in the southeastern Wisconsin this year, and another big deal closed recently. CenterPoint Properties Trust recently purchased a 585,475-square-foot industrial building at 7100 Durand Ave., Mt. Pleasant, from Galveston, Tex.-based American National Insurance. Dan Linder and Jim Babiasz of The Boerke Company Inc. represented CenterPoint in brokering the deal.
The building is occupied by Liquid Container, which occupies 218,000 square feet of space and JohnsonDiversey Inc., which occupies 365,000 square feet of space. However, JohnsonDiversey is vacating 210,000 square feet of space because it is moving some operations to a new 550,000-square-foot distribution center in the Renaissance Business Park in Sturtevant. The company plans to still occupy 150,000 square feet of space in the CenterPoint building for the time being. Linder and Babiasz will help CenterPoint find tenants to fill the space being vacated by JohnsonDiversey. Oak Brook, Ill.-based CenterPoint is the largest owner, manager and developer of industrial real estate in the Chicago area. The company is owned by Columbus, Ohio-based CalEast Global Logistics, a wholly owned subsidiary of Sacramento, Calif.-based California Public Employees’ Retirement System.