Milwaukee Storage Partners LLC, a Chicago-based development group, purchased a 124,247-square-foot warehouse in Milwaukee for $3 million, which it plans to convert to a self-storage facility next year. The seven-story building at 420 W. St. Paul Ave. is currently being leased to Iron Mountain Inc., a records-management firm. Renovations will begin once the lease expires in 2016, the source reported.
Owned by Ace Industrial Properties, the warehouse is across from the Milwaukee Intermodal Station, the main intercity bus and train station. It had been on the market for about a year, mainly marketed to apartment developers due to the residential boom in downtown Milwaukee, according to John Kuhn, a principal with Siegel-Gallagher Inc., the company that represented the seller. Kuhn listed the building with Bill Quinlivan, director of industrial properties for Siegel-Gallagher.
The city’s apartment boom is what partially attracted the buyer, said Kurt Van Dyke, senior vice president of real estate firm DTZ Barry, the buyer’s representative in the transaction. “Part of the appeal is all of the new apartments going up in Milwaukee,” he said, adding that the storage company also liked the building’s visibility from the interstate.
Milwaukee Storage Partners has developed similar self-storage projects in the market, Van Dyke said. It will seek a national management company to operate the facility, which will include temperature-controlled units and a retail store that sells moving and packing supplies.
Sources:
- Milwaukee Business Journal: Warehouse Near Milwaukee Intermodal Station Sold to Chicago Buyer, Will Be Converted to Self-Storage
