Lake Forest, Illinois-based Westminster Capital
has sold an industrial building it recently developed in New Berlin for $18.5 million, according to state records.
Westminster, along with Brookfield-based design/build firm Briohn Building Corp., recently finished construction of the 192,800-square-foot facility at 16250 W. Woods Edge Drive. It is being leased to ECM Industries LLC
, a manufacturer and supplier of electrical products.
Boston-based investment firm STAG Industrial Inc.
acquired the building from WRP New Berlin LLC, an affiliate of Westminster, this month.
Briohn and Westminster are also developing an identical building
next door, at 16555 W. Small Road. The new buildings are essentially an expansion of the nearby Westridge Business Park.
This isn't the only building STAG Industrial has acquired in southeastern Wisconsin in recent months. It also bought three Walworth County industrial buildings
in August for $13.9 million.
According to the company’s website
, as of Sept. 30, STAG Industrial owns 430 buildings in 37 states that total 86 million square feet.
STAG Industrial primarily seeks single- and two-tenant, 100% occupied industrial buildings, according to an overview of its acquisition platform
. It acquires single assets in the range of $5 million to $100 million, and has no maximum amount for portfolios.