Avison Young has been awarded the exclusive listing for a 719,599-square-foot, four-building industrial portfolio in the Milwaukee market.
Avison Young principals Erik Foster and Mike Wilson, both based in the company’s Chicago office, will represent the owner. The properties are currently 100-percent owned and occupied by Gehl Foods, a leading producer of low-acid aseptic dairy products that will sell and lease back the buildings.
The four buildings are highly specialized — operating at the Food and Drug Administration’s food-grade level — and were built to meet the company’s specific operational needs. Gehl Foods has been in business since 1896 and is a leader in ready-to-serve dairy products for concession, convenience store, restaurant, and food service markets. The buildings house equipment used in the development of beverages, sauces, puddings, chips, cheese dispensers and cheese sauces, eliminating 100 percent of potential food-borne pathogens in the cooking process.
Gehl Foods has invested more than $100 million in capital improvements and specialized equipment in the buildings. The portfolio will be sold as a 15-year, triple-net leaseback with annual lease rate escalations on the properties.