Avison Young‘s Industrial Capital Markets Team, led by Erik Foster and Mike Wilson, has completed the sale of the Airport Industrial Park Portfolio in Milwaukee, WI. This 12-building portfolio is the largest non-core portfolio to trade in the Midwest in recent years.
Foster and Wilson represented the ownership, Centerpoint/CalPERS in the transaction. The buyer was a private investment fund manager.
The portfolio is located adjacent to the Milwaukee General Mitchell International Airport, located within an industrial market that continues to outperform many major markets in the country. The Milwaukee market has shown continued positive absorption for 14 consecutive quarters. The market also has a 7.10 percent vacancy rate, a rate that has been declining since 2009, and stable rents. The park’s proximity to Chicago and location along Midwestern transportation thoroughfares also enhances its value.
Located on 62.97 acres, the Airport Industrial Park has a diverse tenant roster that includes strong local, regional and national companies. Among the tenants are: Ace Industrial Properties, a tenant since 2007 that occupies 23 percent of the overall space in the portfolio; Versa Technologies, which is owned by the $1.3 billion company Actuant; DHL Air Express; Milwaukee Composites, which has its corporate headquarters in the park; and Alpha Baking, a food distributor that leases the entire building it has occupied since 1992.
