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  • Writer's pictureCapital Partners

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

Quad In-Store building in New Berlin.

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

The building is occupied by the In-Store division of Sussex-based Quad/Graphics Inc.

Tom Shepherd Sr., Jen Huber-Bullock and Heather Dorfler of Colliers Wisconsin brokered the deal for First Industrial.

The property was sold for well above its $2.9 million assessed value, according to Waukesha County records.

“We had multiple offers so the price got bid up,” Huber-Bullock said.

Capital Partners is one of the largest industrial real estate investors in the Twin Cities area. The acquisition is its first entry into the Wisconsin market, Huber-Bullock said.

“There were anxious to get into the Milwaukee market and are likely to do more acquisitions (in the area),” she said.

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