Colliers International is pleased to announce the sale of Canal Street Commerce Center, a class A, 146,532 square foot infill industrial building located in the Menomonee Valley near downtown Milwaukee, Wisconsin. The building sits at 1207 – 1301 W Canal Street within the Menomonee Valley and had recently signed two new long-term anchor tenant leases with Jason Industries (doing business as Milsco Manufacturing) and Stamm Technologies, bringing the occupancy to 100%. Other tenants in the property include the Prolitec, PGW, Rexnord, Industrial Controls and Bence-Build. The property serves as the headquarters for Milsco, Stamm Technologies, and Prolitec.
Canal Street Commerce Center was acquired by a group led by LCM Funds Real Estate LLC. The seller was Ziegler/Bence Partners 5, LLC, who developed the building in 2007. The site had previously been part of the Milwaukee stockyards. Colliers International represented the seller as the exclusive sales agent. The investment sales team included Tom Shepherd and Mark Schnoll of the Colliers | Wisconsin office.
“It was a tough decision to sell our building in Menomonee Valley because it has been a great relationship with the city, state, county and Menomonee Valley Partners. From day one, the partnership worked like they are supposed to! From the Harley-Davidson Museum to Miller Park, the Valley has flourished with development thanks to this great partnership,” stated J.J. Ziegler of Ziegler/Bence Partners 5, LLC.
“Canal Street Commerce Center garnered strong investor interest from all over the country,” noted Shepherd. “Functional, infill industrial assets like Canal Street Commerce Center are in high demand nationally, and in Milwaukee the opportunities to buy these types of properties are scarce. We anticipate developers and investors will continue to try to source more ‘last mile’ properties in southeast Wisconsin. Ziegler/Bence’s entrepreneurial vision for this brownfield site created significant value and their patience with the marketplace really paid off.”