Colliers International Announces Closing of Mitchell Industrial Park to Illinois Investment Firm

August 21, 2017, Milwaukee – Colliers International is pleased to announce the August 18th, 2017 closing of the ten building, 879,704 square foot Mitchell Industrial Park located near the intersection of College Avenue and Pennsylvania Avenue in Cudahy, Wisconsin. The location is situated adjacent to the southeast corner of Milwaukee’s General Mitchell International Airport. The property was operated and sold by the Chicago-based joint venture of WHI Real Estate Parnters L.P. and BK Ace Industrial Holdings LLC and it was purchased by Deerfield, Illinois-based Oak Realty Group, Inc. The building addresses included in the sale were:  1920 E. College Ave, 2100-2130 E. College Ave, 2150 E. College Ave, 2200 E. College Ave, 6215 S. Ace Industrial Dr, 6201 S. Ace Industrial Dr, 6120 S. Ace Industrial Dr, 6185 S. Ace Industrial Dr, 6055 S. Pennsylvania, and 5877 S. Pennsylvania.  

BK Ace Industrial Holdings had previously purchased the business park in June of 2014 from CenterPoint Properties. After their 2014 acquisition, the seller rebranded the properties as “Mitchell Industrial Park,” and spent three years reinvesting in capital and tenant improvements to stabilize the occupancy. Notable tenants in the park include DHL-Air Express International, Menasha Packaging, Mattress Firm, and National Packaging.  

Colliers International was the exclusive sales agent of the Mitchell Industrial Park. The investment sales team included Tom Shepherd of the Colliers | Wisconsin office and Jeff Devine and Steven Disse of the Colliers | Chicago office.  

“Investors are bullish on real estate near Milwaukee’s Mitchell Airport. I credit the seller for their vision for the potential of this property. Through their aggressive business plan the rents and occupancy on this property have significantly recovered in the last three years. The business park is now well-positioned to achieve consistent and attractive yields for the buyer. We welcome Oak Realty to the Milwaukee market and we’re confident that they will be good stewards of these assets,” noted Shepherd.

Colliers will be retained by the buyer to handle the leasing.  Pat Hake and Bill Langhoff of the Colliers | Wisconsin office will continue to lead the leasing efforts.  

About Colliers International

Colliers International is a global leader in commercial real estate services, with over 16,300 professionals operating out of more than 502 offices in 67 countries. Colliers delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.