Madison-based
SARA Investment Real Estate has purchased an industrial building on Milwaukee's northwest side for $10.6 million.
Brittany Nyenhuis, SARA director of real estate in the Wisconsin region, said in a news release the building was appealing to the firm because of the quality of its construction and its location in a "thriving industrial submarket."
"This is another great example of what makes Milwaukee and its submarkets a great place to deploy capital," Nyenhuis said.
The 181,700-square-foot building is located at 7000 W. Calumet Road. According to state records, it was acquired from an apparent affiliate of Pewaukee-based
TOTAL Mechanical, which is also the building's single tenant.
The property has an assessed value of $7.43 million, according to city records.
The seller, Braun Real Estate Investments LLC, lists the same address as the company's Pewaukee location, and is registered to TOTAL Mechanical owner and chief executive officer Dennis Braun.
"We have enjoyed building a quality relationship with TOTAL Mechanical throughout the acquisition process and look forward to a working with them for many years to come," Nyenhuis said.
Christina Podoll Ballweg, SARA vice president of investor relations, said in the release the firm believes "industrial (real estate) is a strong asset class, even in times of uncertainty, and an important allocation in a real estate investment portfolio."
TOTAL Mechanical did not immediately respond to a request for comment.
