There's a lot of money being thrown lately in a New Berlin industrial park.
The latest deal involves the acquisition of two buildings off of Westridge Drive, in the Westridge Business Park, by companies who occupy or may soon occupy them. The buildings went for more than $26 million altogether.
According to state records, the industrial facility at 5475 S. Westridge Court was recently acquired for nearly $10.59 million by
Pieper Electric Inc. The electrical, mechanical and automation contractor is the primary occupant of the building. The seller is New Berlin-based 5475 Investments LLC, which is registered to William Luterbach of James Luterbach Construction Co.
Rick Parra, president and chief operating officer of Pieper Electric, said the company acted on an option in its lease to purchase its building.
"We have had substantial growth over the last several years, and felt it wise to own our headquarters as we support our satellite offices throughout the state," he said.
There's another tenant in the building, WESCO Distribution. It will remain there, Parra said.
Meanwhile, the building just down the street at 5355 S. Westridge Drive was sold for about $15.68 million to an affiliate of
Nassco Inc. The seller is an affiliate of Chicago-based
First Industrial Realty Trust.
Nassco, a New Berlin-based distributor of janitorial, packaging, food service and safety supplies is currently located across the street, at 5365 S. Moorland Road.
It recently
sold that facility to an affiliate of Wauwatosa-based
Wangard Partners Inc. Wangard said Nassco will remain in the facility for a short period of time until it can relocate elsewhere.
It appears Nassco won't be moving very far. Representatives of Nassco did not return a phone call seeking comment.
