NKF Negotiates WI Industrial Sale-Leaseback
Senior Managing Directors Sergio Chapa and Corey Chase assisted the buyer in purchasing a roughly 54,000-square-foot property in Caledonia. The asset is 100 percent occupied.
By Roxana Baiceanu
1343 27th St. Caledonia, Wis.
Newmark Knight Frank has arranged the acquisition of an industrial facility in Caledonia, Wisc. The 53,680-square-foot property, which is now part of a publicly traded investment company’s portfolio, includes a long-term leaseback to the tenant, Southport Engineered Systems, a local plumbing contractor. Jon Henderson of Jon Henderson Real Estate represented the seller and tenant in the transaction.
The single-story, Class A asset is located at 1343 27th St. and was completed in 2015. The fully-occupied property features 18-foot ceilings, one exterior and two drive-in docks. The facility is adjacent to Interstate 94 and can be accessed via the interchange with East Frontage Road.
“This asset is a great addition to the firm’s portfolio given the location of the facility and the strength of the tenant. The buyer also liked the ongoing growth and low vacancy rates in southeast Wisconsin and this building checked all the boxes for them,” said NKF’s Senior Managing Director Corey Chase in a prepared statement. Chase worked on the deal together with Senior Managing Director Sergio Chapa.
Industrial leasing activity has been on the rise in Southeast Wisconsin. In early 2017, Uline signed a five-year industrial lease in the 2,391-acre LakeView Corporate Park in Pleasant Prairie, Wis.
Image courtesy of NKF
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