Avison Young’s Industrial Capital Markets Team, led by Erik Foster and Mike Wilson, has been awarded the exclusive sale listing for the Airport Industrial Park Portfolio in the Southeast Wisconsin industrial market. All the properties in the portfolio are located in Cudahy, Wis.
Located adjacent to the Milwaukee General Mitchell International Airport, the portfolio consists of 12 buildings totaling 1.12 million square feet. The asset is being offered as a portfolio to allow investors the opportunity to increase revenue through vacancy lease-up.
The Milwaukee-area industrial market continues to outperform many major markets in the country and 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.
“This is a unique opportunity for an investor to buy a large portfolio with solid cash flow and value-add potential in a strong industrial market,” said Foster, Principal and Practice Leader of Avison Young’s national industrial capital markets team. “The portfolio is a balanced mixture of single tenant and multi-tenant facilities strategically located near the airport where vacant space is in short supply.”
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.
