An affiliate of Boston-based investor STAG Industrial Inc. recently acquired an industrial building on Commerce Center Parkway in Muskego for $7.3 million.
STAG purchased the 81,500-square-foot building known at Commerce Center East I, lcoated at S64 W15600 Commerce Center Parkway. It was acquired from developer Interstate Partners.
The building has an assessed value of $4.97 million, according to Waukesha County records.
According to a news release, the building is fully occupied by three tenants, including craft brewer Eagle Park Brewing Co., high-end counter top maker Cosentino and auto parts distributor U.S. AutoForce. It was constructed in 2017.
JLL Milwaukee office senior vice president James Young and vice presidents Tony Haning and Jon Packee represented the buyer in the transaction.
Eagle Park is the newest tenant of the building, announcing in June that it planned to open a 20,500-square-foot brewery and distillery there.
“Interstate Partners has a reputation for developing exceptional facilities and Commerce Center East I is the perfect representation of that — optimal location and square footage, premium amenities and a strong tenant lineup,” Haning said in the release. “Because of this, the buyer was especially interested in the property to further reinforce its position as a key industrial player in the Southeast Wisconsin market.”
This is the latest property that STAG has acquired in the region. In December, the firm purchased a 192,800-square-foot facility in New Berlin for $18.5 million. And in August, it acquired three industrial buildings in Walworth County for $13.9 million.
Interstate Partners is also developing a 126,000-square-foot speculative industrial facility next door.