"Murray services a lot of food companies in the Midwest, including Hormel, which is located in Beloit," says Gary Seidel with Beloit-based Point ONE Commercial Real Estate, which represented Kerry in the sale. "It's a good building for a good price, and closeness to an existing client." Murray Enterprises was represented in the deal by Andy Doyle of NAI Ruhl & Ruhl Commercial Co., based in the Quad Cities.

The building, three miles west of interstates 39 and 90, offers 22-foot clear height, 15 docks, rail access, and cold-storage and front office space. Kerry had owned the property, which was listed for sale at $2.5 million, since 1995. The company sold it with plans to move into a new headquarters at its building at the intersection of interstates 90 and 43. The 200,000-square-foot facility will be completed soon, and the company is expected to move in during the first quarter of 2009.

The warehouse is located in southern Wisconsin. "Surprisingly, the submarket is holding it's own ground," Seidel tells GlobeSt.com. "We never experienced the high run-up in prices experienced in the Chicago area. We're not seeing the price cutting we're seeing in the Chicago area, but we're experiencing the same market conditions everyone across the country is experiencing."