(Read more on the industrial market.)
GLENDALE, WI-STAG Capital Partners has purchased a 206,800-sf flex industrial building here from 4041 Richards LLC. The building at 4041 North Richards St. is 100% leased with an office and manufacturing tenant.
Heinn Trend, a maker of custom design catalog binders and presentation book covers, leases 65% of the building, says Brad Sweeney, VP of acquisitions for STAG. He says the lease rate is close to the average lease rate for the area, in the low $2 range.
The Social Development Commission, a community action agency for Milwaukee County, occupies the other 35% of the building. Sweeney tells GlobeSt.com that the lease rate is similar to the market rate for the area, in the mid-$6 range. Samuel Dickman and Ross Smith with the Dickman Co. represented the seller. Sweeney was assisted on the purchase by Patrick Brown.
"We bought the property because it is 100% leased, and we happen to like that part of Milwaukee. We closed on another building recently in the area," Sweeney says. STAG bought the 270,000-sf Bentley World Packaging Ltd. manufacturing facility at 200 W. Capitol Dr. in Milwaukee, in a sale-leaseback deal in April, for $6.6 million.
Sweeney declined to name the price paid for the 4041 Richards building. Clover Leaf Group bought the 30-year-old, 136,800-sf Glendale Business Center, at 6575 N. Sidney Place, for about $37 per sf in June, according to Real Capital Analytics. The flex property is 91% occupied.
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