Elm Grove-based commercial real estate firm
Luther Group purchased two Menomonee Falls properties from Kohl's Corp., where it is commencing construction on a new speculative industrial building.
Kohl's sold approximately 6 acres along Davian Drive, which is just off of Silver Spring Drive, to a Luther Group affiliate for $1.25 million, according to state records.
Adjoined with an adjacent parcel that Luther Group acquired for $158,000, the firm is beginning construction on a 101,000-square-foot industrial building. There will be space for up to four tenants.
Upon its anticipated completion this spring, the building will be entering a strong industrial real estate submarket with Waukesha County seeing less than a 1% vacancy rate, according to the most recent data from the Commercial Association of Realtors Wisconsin.
Luther Group’s recent history with Kohl’s includes four transactions in the last 18 months,
Dave Merrick, vice president of development, told BizTimes in August. The firm previously purchased a parking lot on Campbell Drive from Kohl's, where it built an 80,000-square-foot industrial building that's fully occupied, and two other buildings on Ridgewood Drive that the company has leased to new tenants.
The company
recently closed out a $20 million fund, exceeding its goal and launching a second fund that will expand the company’s geographic investment area to include the entire Midwest.
