The Volkswagen Group of America LLC warehouse and distribution center in Pleasant Prairie has sold for $39 million to a California-based investors group, according to state records. Santa Monica, California-based Park 11589 88th Avenue Owner LLC acquired the facility, located at 11589 88th Ave., from Atlanta-based Verde 88th Avenue LLC. Park 11589 is an affiliate
The Volkswagen Group of America LLC warehouse and distribution center in Pleasant Prairie has sold for $39 million to a California-based investors group, according to state records.
Santa Monica, California-based Park 11589 88th Avenue Owner LLC acquired the facility, located at 11589 88th Ave., from Atlanta-based Verde 88th Avenue LLC.
Park 11589 is an affiliate of GLP Capital Partners, an investment manager focused on logistics real estate.
GCP did not immediately respond to a request for comment.
The Volkwagen facility resides in the Lakeview Corporate Park, about two miles east of I-94. It totals more than 350,000 square feet, according to online listings.
It recently underwent an 86,808-square-foot expansion. The project added warehouse and auto-parts distribution space.
GCP invests capital on behalf of institutions such as pension funds, sovereign wealth funds and endowments.
It recently announced that it closed on a $2.3 billion fund focused on North American logistics real estate. Bloomberg reported the fund already acquired 25 million square feet as of late July. It would look to buy another 25 million square feet. GCP aimed to own about 100 properties total in the fund.
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