CenterPoint Properties Trust recently sold a portfolio of 10 industrial buildings in the Milwaukee area to an affiliate of Dallas-based Westmount Realty Capital LLC. The portfolio has a total of 1.74 million square feet of space and sold for about $35 a square foot, or a total of about $61.25 million, according to a commercial real estate source.
A review of state and local records shows that most of the buildings were sold at prices above their assessed values.
The deal includes*A 465,050-square-foot industrial building at 5401 W. Donges Bay Road, Mequon, which sold for about $16.1 million, according to state records. The property has an assessed value of about $11.8 million.
*A 226,109-square-foot industrial building at 7025 W. Parkland Ct., Milwaukee, which sold for about $5.2 million, according to state records. The property has an assessed value of about $5.1 million.
*A 113,568-square-foot industrial building at 6736 W. Washington St., West Allis, which sold for about $6.9 million, according to state records. The property has an assessed value of about $5.1 million.
*A 183,958-square-foot industrial building at 7515 N. 81st St., Milwaukee, which sold for about $4.5 million, according to state records.The property has an assessed value of about $4.8 million.
*A 100,000-square-foot industrial building at 11925 W. Carmen Ave., Milwaukee, which sold for about $1.4 million, according to state records. The property has an assessed value of about $3.2 million, according to city records.
*A 206,052-square-foot building at 16800 W. Ryerson Road, New Berlin, which sold for about $6.6 million, according to state records. The property has an assessed value of about $5 million.
*A 183,480-square-foot industrial building at 2900 S. 160th St., New Berlin, which sold for about $6.7 million, according to state records.
*A 90,184-square-foot industrial building at 16405 W. Lincoln Ave., New Berlin, which sold for about $4.5 million. The property has anessessed value of about $2.6 million.
*A 67,000-square-foot industrial building at W142 N9251 Fountain Blvd., Menomonee Falls, which sold for about $8.8 million, according to state records. The property has an assessed value of about $5.5 million.
*A 36,358-square-foot industrial building at 2450 S. 170th St., New Berlin. The property has an assessed value of about $1.1 million.
“CenterPoint is heavily focused on growing and reallocating into logistically advantaged markets such as Seattle, Los Angeles, Houston, and Northern New Jersey,” said Laura Petrucci, vice president, investments of CenterPoint. “The 10-building portfolio sale (in the Milwaukee area) is aligned with the advancement of CenterPoint’s strategy to invest in those assets possessing a multi-modal advantage.”
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