An affiliate of Edina, Minnesota-based
Capital Partners purchased a 90,000-square-foot industrial building at 16600 W. Glendale Ave. in New Berlin from an affiliate of Chicago-based
First Industrial Realty Trust for $5.2 million, according to state records.
The building is occupied by the
In-Store division of Sussex-based
Quad/Graphics Inc.
Tom Shepherd Sr.,
Jen Huber-Bullock and
Heather Dorfler of
Colliers Wisconsin brokered the deal for First Industrial.
The property was sold for well above its $2.9 million assessed value, according to Waukesha County records.
“We had multiple offers so the price got bid up,” Huber-Bullock said.
Capital Partners is one of the largest industrial real estate investors in the Twin Cities area. The acquisition is its first entry into the Wisconsin market, Huber-Bullock said.
“There were anxious to get into the Milwaukee market and are likely to do more acquisitions (in the area),” she said.
