A 211,000-square-foot industrial building in Milwaukee's Riverwest neighborhood has been sold for $9.9 million
The building at 620 E. Vienna Ave., which has sections that date back to 1920, according to the Wisconsin Historical Society, and sits on 8.6 acres, was sold in a sale leaseback transaction, according to a press release.
The seller was an affiliate of Milwaukee-based moving and logistics company
C.H. Coakley, which bought the property in 2017 for $2.8 million.
A sale price was not disclosed. The property has an assessed value of $3.3 million, according to Milwaukee County records.
The buyer is an entity called OpenPath Logistics, LLC.
Milwaukee-based
Cushman & Wakefield | Boerke brokered the deal.
Ben Adank,
Lindsey Coakley and
Katie Gremban, all with Boerke, were involved in the transaction.
"It has been a pleasure working alongside the seller, 620 E. Vienna Ave LLC, on this transaction," said Coakley, real estate advisor with Boerke, in the release. "Boerke assisted in forming new relationships with the lender and the buyer/new owner and assisted in 620 E. Vienna Ave LLC’s 1031 diversification strategy, making this a successful endeavor for all parties involved."
Aeroforce Logistics, which provides products and services in the aerospace, defense and logistics industries, is also located in the building.
