On October 9th, the Butler and Ironwood industrial buildings sold for $16.0 million to a partnership between Indianapolis-based real estate firm Becknell Industrial and UBS. The transaction’s cap rate of 6.67% represents a record low cap rate for multi-tenant or single-tenant industrial in the Milwaukee industrial market. The 100,000 SF Butler building is a multi-tenant facility 100% leased to LKQ Corporation, Snyder’s-Lance, Inc., and Paragon Foam. The 123,200 SF Ironwood building is 100% leased on an 11-year term to API Heat Transfer. Both properties were owned by Westminster Fund VII LP.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital. Founded in 1988, the firm is headquartered in Lake Forest, Illinois. Private client work includes leadership of closed-end investment fund and separate account portfolios totaling approximately $700 million of investor capital. Westminster Capital places commercial property investments throughout the United States across several property types and investment risk-reward profiles.