The building at 1615 Commerce Dr., in this 300-acre industrialpark, was constructed in 1989 and renovated in 1993, and has 360parking spaces and 21 dock doors. The shoe firm has always occupiedthe facility, says Brad Sweeney, a STAG managing director. "Theyjust renewed their lease," he says, but he declined to name thenrate or the terms. Warehouses in the market lease for about$3.65.


Sweeney tells that this is the first property theBoston-based company has purchased in the Madison market, but thatthe firm also owns industrial properties in the Milwaukee market tothe east. "We like Wisconsin, it's a relatively slow and steadyindustrial market that never gets too ahead of itself," he says."We've always been a big buyer in the Midwest, though we're shyingaway from areas heavily exposed to automotive, such as Detroit,Ohio and Indiana. We'd have to have a really good cap rate todabble in those markets."

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