Harbor Group International, LLC closed the $52 million acquisition of Spectrum Brands World Headquarters, a single-tenant office building in Middleton, Wisconsin. The four-story property, originally built in 2013 and recently renovated in 2017, spans 252,122 rentable square feet.
This purchase marks HGI’s first office investment in the Wisconsin market. Other Midwest transactions include the purchase of Chicago’s One South Wacker office building in 2012. HGI sold the property in 2015.
The property is 100 percent net leased to Spectrum Brands, Inc. through 2034. It is situated about six miles west of downtown Madison and falls within a strong office and employment market.
Spectrum Brands is a diversified Fortune 500 company that focuses on segments including hardware and home improvements, home and personal care, pet supplies and home and garden.
HGI’s purchase of Spectrum Brands World Headquarters follows the firm’s recent acquisitions of 111 Sutter Street in San Francisco and 1340 Concord in Fort Lauderdale.
