A warehouse in Menomonee Falls recently leased to Milwaukee Tool
has been sold for $48.25 million, according to state records.
Located at N58 W15350 Shawn Circle, the building totals 388,800 square feet. It was built in 2009. Milwaukee Tool is on a long-term lease.
The seller is an affiliate of Chicago-based First Industrial Realty Trust
. An affiliate of New York-based Apollo Global Management Inc.
is the buyer.
Tom Shepherd, Jennifer Huber-Bullock and Bill Langhoff of Colliers | Wisconsin, and Jeff Devine and Steven Disse of Colliers' Chicago office, all represented the seller in the deal. Langhoff and Steve Sewart, also of Colliers | Wisconsin, handled the Milwaukee Tool lease on behalf of the building owner.
The Brookfield-based tool manufacturer began leasing the building
earlier this year, after Sussex-based Quad/Graphics Inc.
moved out due to consolidation of its distribution operations
“This is a significant sale in many respects," Shepherd said in a statement. "The transaction sourced fresh capital to the Milwaukee market from a globally prominent East Coast group who is a new entrant. This sale also represents the largest single asset industrial sale year-to-date in 2021 in Wisconsin in terms of dollar value. That demonstrates the strength behind this rapidly growing tenant and also the capital markets’ validation of value in our industrial market on the national level.”