"We're having great success in Milwaukee," says Chief Investment Officer Paul Ahern. "Milwaukee is a manufacturing town. We're seeing great strength in that market, with a lot of great activity and deals."
The properties the REIT now has boast a vacancy rate of just 2%, down from the 10% level CenterPoint was seeing in the beer capital just a year ago, Ahern says. That contrasts to an 8.1% overall vacancy rate in CenterPoint's markets, led by northern DuPage County, where it has jumped 1.5 percentage points to 16.9%. Meanwhile, CenterPoint has seen a bigger jump in the once red-hot southwest suburbs, where the company's properties are 15.6% vacant, up from 11.3% a year ago.
CenterPoint acquired a 183,480-sf building at 2900 S. 160th St. in New Berlin in the second quarter after buying a 150,192-sf building at 7620 S. 10th St. in Oak Creek, which is used by the US Postal Service. The Pleasant Prairie buy was a 38,290-sf building at 8100 100th St.
Although CenterPoint declines to reveal individual purchases, its 2001 acquisitions have averaged $32.93 per sf. That average applied to the Milwaukee acquisitions works out to $12.25 million.
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