The tenant of a New Berlin industrial building has purchased the property from a Chicago real estate investment firm for $3.5 million.
Commerce Drive Holdings LLC purchased the warehouse at 2485 S. Commerce Drive from First Industrial Realty Trust, according to state records.
Commerce Drive Holdings is registered to Jason Stormowski, president of Imperial Lithographing Corporation
, which has been leasing about 37,000 square feet of the building.
Dog trainer Think Pawsitive LLC also leases space in the building. The property is assessed by the City of New Berlin for $2.04 million.
Imperial sold its building at 914 E. Hamilton St. in Milwaukee and moved to New Berlin about eight years ago. Stormowski said the company did not want to purchase a property immediately because of the economic downturn.
Imperial has been experiencing record growth; however, with 15 percent revenue increases annually. Imperial has increased staff from 45 to 63 over the last two years and plans on hiring another 10 to 15 people over the next two years, Stormowski said.
In addition to leasing the building at 2485 S. Commerce Drive, the company has been renting a 22,000-square-foot warehouse and leased a 30,000-square-foot warehouse this week to hold its equipment.
Stormowski said he plans on honoring Think Pawsitive’s lease, which still has more than four years, but hopes to eventually take over the 75,000-square-foot Commerce Drive building.
Imperial Lithographing was started in 1899 on the east side of Milwaukee. The company provides web to print, print-on-demand, inventory management and warehousing and fulfillment services.
Stormowski attributes the company’s success to its loyal customers, some of whom have been with the company for more than 30 years.
“We have great customers and we do things for them that differentiate us among our competitors,” he said. “We are willing to continually upgrade to suit their needs.”