Milwaukee-based real estate development firm F Street Development and Germantown-based construction firm Keller Inc. are planning to build a 374,950-square-foot speculative industrial/warehouse facility on a 37.7-acre site southeast of Donges Bay Road and Wausaukee Road in Germantown.
In a letter to the village, F Street and Keller indicate that this is the first of three sites they plan to build industrial buildings.
“Although some prospects have expressed interest even though we have not yet begun marketing, due to the speculative nature it is difficult to know which kinds of users we will end up with,” the letter states. “The typical categories would be light manufacturing, assembly, warehouse, or distribution. The building is designed to be flexible regarding the size of tenants. We hope to have one or two tenants fill the building, but due to multiple drive-in (grade) doors, we can go as low as 100,000 square feet tenant size if necessary.
“A particular challenge we face right now is economic feasibility,” the letter states. “Construction costs, especially steel and precast concrete, have risen incredibly rapidly in the past 18 months. We are aware of market rents that we must compete with, so it is a struggle to balance costs against that market rent. Despite those challenges, we believe we have crafted an attractive and thoughtful Class A building, that we and Germantown can be proud of, and we look forward to working with Germantown.”