Erik Foster and Mike Wilson of Avison Young’s National Industrial Capital Markets Group have been awarded the exclusive sale listing of a four-building industrial portfolio totaling 937,911 square feet in Illinois, Wisconsin and Ohio. The properties are in highly sought after markets and are fully leased to long-term tenants.
The properties include: • A 164,536-square foot building at 4420 N. Harley Davidson Dr. in Wauwatosa, WI, in the greater Milwaukee market. The tenant is Brenntag Great Lakes, which provides business-to-business distribution solutions to industrial and specialty chemical companies globally. The tenant recently expanded by 65,417 square feet in that location. • A 196,875 sf facility at 10277 Venice Drive, Racine, WI. The state-of-the-art building was constructed in 2002 with an addition in 2005. It features 39′ clear heights, 8″ reinforced concrete floors, 16 exterior docks and two drive-In-doors for ease of distribution. The multi-tenant building is fully occupied by Allstate Trucking and BWAY Manufacturing, which recently expanded and extended its term in 2011. • A 376,500 square foot facility at 2332 US 42 in Delaware, OH, in the Columbus industrial market. The building is fully leased to Associated Hygienic Products LLC, North America’s largest manufacturer of freesheet paper. This location was a built to suit facility constructed based on all of the tenant’s critical needs. AHP has very significant investment in the property with highly specialized fixed mechanization. Associated Hygienic Properties manufactures private label and corporate brand baby diapers, training pants, and youth pants for the majority of the largest food, drug and mass merchandiser retailers throughout North America.
• A 200,000-squae-foot building at 2601 West College Ave. in Normal, IL. The building has 30-35′ clear ceiling heights, 42 loading dock doors, and 12″ reinforced concrete floors. The facility is fully occupied by Mitsubishi Motors North America as a critical warehouse that supplies materials to the adjacent Mitsubishi North American Plant. That plant produces more than 50 percent of the Mitsubishi vehicles sold in the US. In 2013 Mitsubishi invested $45 million into retooling the Normal Plant in order for it to handle production of 100 percent of the Outlander line, ensuring long term tenancy at the subject property. The seller is a national fund manager based in Chicago, IL.
“This is a unique portfolio of fully leased properties in strong distribution markets across the Midwest,” said Foster. “This portfolio should be in great demand from institutional and regional investors who want high credit tenants with long-term plans to stay and grow in those logistics markets.”