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 theÂ
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.
