Newmark closed the sale of a 96,500-square-foot industrial property at 1272 Dakota Drive in Grafton, Wisconsin. Newmark Directors Mitchell Starczynski and Curt Pitzen represented the buyer, Yamato Corporation, in the transaction. The seller was Rexnord Industries, LLC.
Yamato, a provider of automatic, commercial and industrial weighing solutions in North, Central and South America, is relocating from its former space, 35,347 square feet at 6303 Eastwood Court in Mequon, Wisconsin. The company’s new space at 1272 Dakota Drive will include its assembly, parts and distribution operation.
According to Newmark Research, the Milwaukee industrial market continued to expand at a rate of 3 percent and is poised for near-term growth with more than 5.5 million square feet under construction. The first quarter saw absorption of 239,962 square feet and vacancy fell 17 basis points to 4 percent in the Milwaukee industrial market.