WPT Industrial buys two Oak Creek buildings as part of $226 million portfolio acquisition

Both buildings are fully leased

305 E. Mahn Court, Oak Creek. (Credit: Google)

Last updated on May 15th, 2019 at 04:47 pm

As part of a $226 million portfolio acquisition that includes 13 industrial buildings and three land parcels in various markets throughout the country, WPT Industrial Real Estate Investment Trust now owns two industrial buildings in Oak Creek.

305 E. Mahn Court, Oak Creek. (Credit: Google)

The Toronto-based REIT announced on Friday it had closed on the properties. Included in the portfolio is a 103,132-square-foot facility at 305 E. Mahn Court and the 81,325-square-foot building at 7420 S. Howell Ave., both in Oak Creek. The buildings are located next door to each other. According to state records, the group purchased the Mahn Court property for nearly $8.67 million, while the Howell Avenue building was acquired for $6.84 million.

The buildings were sold by West Sacramento-based FR/CAL Oak Creek LLC.

Both buildings are fully occupied, according to WPT Industrial. The Howell Avenue building has two tenants, including Snack Factory. The building on Mahn Court has three tenants, which include mailing service DHL Express and Regina USA Inc., which manufactures chains for motorcycles, conveyors and other industrial applications.

Overall, the portfolio that WPT Industrial acquired totals about 2.2 million square feet of gross leasable area. Other properties included in the portfolio are located in the Chicago, Minneapolis, Los Angeles, Orlando and Miami markets. Two of the land parcels are located in the Detroit market, with the other located near Minneapolis. All but one of the buildings in the portfolio are 100 percent leased.

“We were pleased to quickly deploy the proceeds from our recent equity offering into a large portfolio that adds properties in some of the most desired logistics markets in the U.S. and enhances the overall diversification and quality of the REITs portfolio,” Sctoff Frederiksen, CEO of WPT Industrial, said in a statement.

WPT Industrial indirectly owns a portfolio of properties consisting of approximately 21.1 million square feet, comprised of 69 industrial properties and one office property in 16 states.

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Alex Zank, former BizTimes Milwaukee reporter.

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