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MILWAUKEE-The former Tower Building 101, a 235,655-sf facility at 3420 N. 35th St., has a new owner and a new tenant. Murphy Real Estate II recently purchased the building as an investment property from Tower Automotive for $2.3 million. Following the sale, Computer Sciences Corp., a US Postal Service contractor, signed a lease for 208,000 sf.

Tower Building 101 was one of the few remaining pieces of the 3.5 million sf of space on 148 acres that Tower Automotive acquired from AO Smith Corp. in the late 1990s. Samuel D. Dickman Sr., president of The Dickman Co. Inc./CORFAC International, tells GlobeSt.com that the sale of another 2.2 million sf of former Tower Automotive space on 86 acres is likely to close next week. The buyer is a local business owner who plans to occupy approximately 200,000 sf of the property.

The Dickman Co. will be charged with finding tenants for the remaining space, and the company’s president is optimistic about the assignment. “Demand is pretty good,” Dickman says. “There is a lot less space than there used to be and the industrial base in Milwaukee is still pretty strong.” He adds that industrial properties such as the former Tower Building 101, which list for about $1.50 to $1.75 triple net, are a “pretty attractive” option compared to green space buildings, which tend to list for more than $4 per sf.

Both buyer and seller in the Tower Automotive 101 building sale were represented by The Dickman Co. team of Samuel D. Dickman Sr. and Samuel M. Dickman Jr., vice president. After the sale, Murphy Real Estate II retained The Dickman Co. as the exclusive leasing agent for 208,000 sf of the property. Computer Sciences Corp., which is using its space for a warehouse and assembly area, was represented by Emmett Purcell of USI Real Estate Brokerage Services Inc.

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