A Massachusetts real estate investment trust has purchased a Pewaukee industrial property that includes two warehouse buildings for $14.3 million, according to state records.
Through a subsidiary, Boston-based Stag Industrial Management LLC recently purchased the 24 acres of land at W227N2837 and W228N2801 Duplainville Road. The land is assessed at $12.7 million, with an estimated fair market value of nearly $14.1 million, according to Waukesha County property records.
The two warehouses, totaling nearly 288,000 square feet, were once occupied by American TV & Appliance before the company went out of business in early 2014. Sussex-based Quad/Graphics Inc. is occupying the larger of the two buildings, at roughly 188,000 square feet of space. Zero Zone Inc., headquartered in North Prairie, in 2017 began leasing the smaller, nearly 100,000-square-foot, building.
Stag Industrial Management could not be reached for comment. According to its website, the company focuses on the acquisition and operation of single-tenant industrial properties. As of Sept. 30, Stag Industrial Management is valued at $4.5 billion and owns 381 buildings totaling 75.4 million square feet. This includes two dozen Wisconsin properties totaling 3.9 million square feet, in communities including Caledonia, Germantown, Hartland, Kenosha, New Berlin, Oak Creek, Pleasant Prairie and West Allis.
The property was purchased from Huntsville, Alabama-based Westmoreland Co. Inc. A representative of the company also could not be immediately reached for comment.