One of the developers of the Ryan Road Business Park in Oak Creek has acquired about 11 acres of vacant land across the street for $1.3 million as part of plans to eventually build on the site.
According to state records, the land at the southwestern corner of South 13th Street and Stern Street, just south of the Ryan Road interchange with Interstate 94, was purchased by Creek Two Land LLC. The entity is registered to Michael Faber, founder and principal of Pewaukee-based Capstone Quadrangle.
The land, which is located in the Creekside Corporate Park, was purchased from Oak Brook, Illinois-based CenterPoint Properties.
Faber said no specific development plans have been set at this point for the site, though whatever is eventually built there will be either a speculative or build-to-suit facility. He said the parcel could fit about 190,000 square feet, either over one large building or two smaller ones.
And since the site is in an existing corporate park, it is already zoned for industrial uses.
“You could think of it as almost being pad-ready,” Faber said. “It was just a natural fit. We really like the momentum in this area.”
The investor group that purchased the property includes Fox Point-based General Capital Group, which is also involved with Capstone on the neighboring Ryan Business Park, he added.
Faber did not rule out construction starting at the site later this year. He said he will spend the next month examining market conditions and its pipeline of prospects. If something were to be built starting this year, shovels would need to be in the ground by September, he said.
Across the street, at the Ryan Road Business Park, is the future home of a 2.5 million-square-foot warehouse and distribution facility for Amazon. Faber said that park still has two sites, one totaling 16 acres and the other — located right at the corner of 13th Street and Ryan Road — at 14.5 acres.
Capstone has also developed other projects in the Creekside Corporate Park.
“We developed our first building in Oak Creek also along the freeway immediately north of this purchase 15 years ago,” he said.
That building was initially used by FedEx, until the company outgrew that facility and relocated its operations elsewhere. Capstone then backfilled the space, and the facility is now used by MGS Manufacturing Group Inc. as a distribution center.
