Mid-America adds investment focus in Wisconsin, Zilber acquires three properties near O’Hare
Mid-America adds investment focus in Wisconsin
Mid-America Real Estate-Wisconsin LLC, a member of Oakbrook Terrace, Ill.-based Mid-America Real estate Group, said it is adding a concentrated focus on the Wisconsin investment market and intends to grow its investment sale business in the state. The company said the Wisconsin market offers investors a chance to obtain quality real estate with steady returns due to the state’s stability, affordability and room for future growth.
“We see Wisconsin as a tremendous opportunity for investors, given the strength behind the university and health care systems, employment growth rates above the national average, low cost of living, and highly populated regions such as Milwaukee, Green Bay and Madison, which are all good signs for long term investment strategies,” said Tom Fritz, of the Mid-America Net Lease Investment Group.
Mid-America has sold 20 net- leased properties in Wisconsin since the start of 2008, including a recent deal for a 1.92-acre ground lease for a CVS Pharmacy that is under construction in Kenosha.
“The CVS sold at a cap rate of 6.75 percent, which is among the most aggressive drug store pricing we have seen across the country,” said Fritz. “This speaks great strengths about Wisconsin and the demand from investors seeking opportunities within the state.”
Cap rates have dropped by nearly 100 basis points over the past 12 months, Fritz said.
“With little new construction on the market, investors have had to compete for limited supply, thus driving up pricing,” he said. “Tenants are beginning to backfill spaces and decrease retail vacancies. We are expecting continued growth and are optimistic through 2011.”
Zilber acquires three properties near O’Hare
Milwaukee-based Zilber Ltd. announced that it has acquired three buildings in the Village of Elk Grove Industrial Park, located near Chicago O’Hare International Airport. The three buildings have a combined 140,837 square feet of light industrial space.
SPX to expand Delavan warehouse
A 56,000-square-foot addition is planned for the SPX Flow Technology warehouse and distribution center at 1714 Hobbs Dr. in Delavan. The project would double the size of the facility. SPX Flow Technology is a Delavan-based unit of SPX Corp., Charlotte, N.C.-based Fortune 500 company. SPX Flow Technology manufactures products such as pumps, valves, heat exchangers, fluid mixers, agitators, metering systems, filters, and dehydration equipment.
