(Read more on the industrial market.)

MILWAUKEE-Wrightwood Capital has purchased a three-tenant industrial facility here for less than $9 million. The 186,000-sf property, on 11 acres at 5111 South Ninth St., was originally built in 1968 and went through several expansions, with the most previous work completed in 1995.

The building is leased to RR Donnelly, Omnicare Inc. and M&I Bank, which uses the facility for record storage for canceled checks and other paperwork, says Tim Walsh, senior director of Wrightwood’s industrial fund management. “Two of the tenants have four more years remaining on their leases, but OmniCare we just extended for another 10 years,” Walsh tells GlobeSt.com. “We like the stability of this tenant mix, it’s a building where all three tenants have a reason to be there. We think Milwaukee is a solid market, people stay in their buildings, they don’t move around much.”

The purchase is Wrightwood’s 13th for its Third Industrial Fund. “This property is consistent with the Funds’ business plan in acquiring mid-sized industrial assets,” Walsh says. The fund will acquire up to $200 million of industrial properties in the Chicago Milwaukee corridor by 2008. The fund targets both stabilized and value-added opportunities, and focuses on buildings worth less than $10 million leased to middle market tenants. The fund also considers development joint ventures and sale/leaseback strategies.

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