Minnesota real estate investment firm buys New Berlin industrial building occupied by Quad division

Quad in-store building in Neu-Berlin.

An Edina, Minnesota, Capital Partners subsidiary purchased a 90,000 square foot industrial building at 16600 W. Glendale Ave. in New Berlin from a subsidiary of Chicago-based First Industrial Realty Trust for $ 5.2 million …

A subsidiary of Edina, Minnesota and headquartered Capital partner bought a 90,000 square foot industrial building on W. Glendale Ave. 16600 in New Berlin by a subsidiary of the Chicago-based company First commercial real estate trust for $ 5.2 million according to state records. The building is from the In-store department from Sussex Quad / Graphics Inc.

Tom Schäfer sr., Jen Huber-Bullock and Heide Dörfler of Colliers Wisconsin brokered the deal for First Industrial. According to Waukesha County records, the property sold for well over its estimated value of $ 2.9 million. “We had several offers, so the price was increased,” said Huber-Bullock. Capital Partners is one of the largest industrial real estate investors in the Twin Cities area. The acquisition is the first entry into the Wisconsin market, said Huber-Bullock. “It was looking to get into the Milwaukee market and likely make additional acquisitions (in the region),” she said.

Just closed | 90,089 SF Single Tenant Industrial New Berlin, Wisconsin (Milwaukee) Net leased to Quad Graphics (NYSE: QUAD)

Special thanks to @firstindustrial, @QuadGraphics, Capital Partners and @ColliersIntl_WI teammates @jenhuberbullock @Heatherdorf pic.twitter.com/VENIwWxztv – Tom Shepherd Sr. (@TomShepherd_Sr) June 14, 2021

Andrew Weiland is the editor of BizTimes Milwaukee. He joined BizTimes in 2003 and served as a senior editor and real estate reporter for 11 years. Weiland is a graduate of the University of Wisconsin-Madison and has life in the state. He lives in Muskego with his wife Seng and son Zachary. He is an avid sports fan and enjoys coaching his son’s youth baseball and basketball teams.