Minneapolis-based Ryan Companies U.S. Inc. plans to build a 158,292-square-foot speculative industrial building between Old Orchard Road and Westbrook Crossing, south of Nightingale Way in Menomonee Falls.
The building will be built on a 13-acre site in the Westbrook Corporate Center.
It could be used by up to four tenants.
The east side of the building will initially have 16 loading docks for semi-trailers and four drive-in overhead doors. But plans show that a total of 35 loading docks could be created in the building.
The project is the latest example of the strength of the Milwaukee area industrial real estate market, which during the second quarter had 813,406 square feet of positive absorption, while the vacancy rate dipped from 6.71 percent to 6.05 percent, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.
During the last year the area’s industrial market has absorbed nearly 4.5 million square feet of space. The vacancy rate has fallen from 7.23 percent a year ago.
Waukesha County has an industrial space vacancy rate of 4.0 percent, according to Xceligent.