(Read more on the industrial market.)
MOUNT PLEASANT, WI-HSA Commercial Real Estate plans to build about seven industrial buildings on 90 acres of farmland the company just purchased along I-94. The firm will start construction on two speculative buildings, a 125,000-sf structure and a 300,000-sf facility, in the spring for a combined cost of about $25 million.
The company hopes to have the buildings complete by the third quarter of 2008, says John Mangel, VP of development/acquisitions. The rest will come as demand dictates, he says. "There's been considerable interest," Mangel tells GlobeSt.com. "We plan on building up the whole site over a period of time, and if we get it done sooner, that's great. We're hoping to find a number of build-to-suit opportunities as well." He says depending on demand, the company could build more than seven buildings, or less, though the sizes of the facilities would change.
He says the company could announce the first tenant in the two buildings by next month. Mangel says he doesn't know what the lease rates will be yet. The average lease rate for the area is about $5.03 per sf, according to a third quarter Grubb & Ellis report.
The 90 acres is part of the new 950-acre Mount Pleasant International Commerce Center, land that will accommodate corporate and professional office, hotel, research and light industrial buildings. The land, at State Highway 20 and International Drive, is between two I-94 interchanges. "It's a good place to find users coming out of Milwaukee and Chicago," says Mangel. The area is already home to businesses such as Case New Holland, Putzmeister and S.C. Johnson & Son Inc.
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