An affiliate of Waukesha-based real estate private equity firm
Smart Asset Capital has acquired a 93,000-square-foot industrial building in West Bend used by
Serigraph Inc. for $3.4 million, according to state records.
Located at 3701 Decorah Road, the building is the smaller of two buildings at the headquarters complex for Serigraph, a commercial printer and decorative molder.
The transaction was a sale-leaseback deal and Serigraph signed a long-term lease extension, according to
Brock Mogensen, managing partner for Smart Asset Capital.
Serigraph will continue to use the building for manufacturing operations and storage, Mogensen said. The building was constructed in 1983 and expanded in 2008.
Smart Asset Capital specializes in the acquisition and management of industrial properties. It launched a $20 million fund raise in 2024 to acquire small-to-medium-sized industrial real estate properties, such as warehouses, manufacturing facilities, and distribution centers, in southeastern Wisconsin. The firm made six acquisitions in 2024.
Mogensen said Smart Asset Capital was attracted to the Serigraph property because of the company’s long track record (Serigraph was founded in 1949), the long-term lease extension by the tenant and a favorable price per square foot.
Demand remains strong in the region for small- to medium-sized industrial real estate, Mogensen said.
Washington County had an industrial space vacancy rate of 3.2% in the fourth quarter of 2024, according to the latest
Commercial Association of Realtors Wisconsin market report.
[caption id="attachment_606919" align="aligncenter" width="1280"]
Interior of the Serigraph building at 3701 Decorah Road in West Bend.[/caption]
