MILWAUKEE—The developer Irgens has just sold an 81,503-square-foot building in Menomonee Falls, a suburb of Milwaukee, for $15,370,000. The facility serves as Actuant Corp.'s corporate headquarters and worldwide training center. An industrial, engineering and energy company, Actuant operates it under a net lease. As reported in GlobeSt.com, Irgens broke ground on the office building in 2010, and Actuant's original lease was for 15 years.
Stan Johnson Company, a net lease brokerage firm, helped complete the sale. Daniel Herrold, Toby Scrivner and Jeff Matulis of its Tulsa office represented Milwaukee-based Irgens. Brandon Duff and Brad Feller of Stan Johnson's Chicago office represented the buyer in the transaction, an international-based investor.
“The property had all of the positive elements of a net lease deal that buyers are looking for today,” says Herrold. “That is, a strong corporate tenant under a long term lease plus a high quality building by Irgens. The challenge with this transaction was getting a buyer comfortable with the loan assumption that came with the property, and we were able to source an international buyer who was comfortable with the debt structure through our Chicago office.”
The property, a LEED Core & Shell Silver certified building, sits within Westbrook Corporate Center, a 125-acre master planned business park in Menomonee Falls, directly off of U.S. Route 41/45.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
