NEW BERLIN, WI-Schoeneck Containers has fully leased a 100,520-sf warehouse building here at 17005 W. Ryerson Rd. The property is owned by First Industrial Realty Trust Inc., and is located in the New Berlin Industrial Park, where the REIT has a few other properties. Schoeneck makes plastic containers for the food industry.
Peter Ginn, regional director with the REIT’s local office, tells GlobeSt.com that the previous tenant, Welsh Bindery Inc., declared bankruptcy. “They basically left at the end of April, and we were able to lease it up again,” he says. The building has 5,000 sf of office, nine docks, one overhead door and 18-foot clear heights.
The demand for industrial property is high in the Waukesha County area of Milwaukee, Ginn says. “The market is vibrant, the vacancy rates run at less than 7%,” he says. “It’s hard to find land in Waukesha, but people are moving out here in the higher-end homes, so company owners want to have their work close.” The asking rate is about $4.25 per sf, triple net, and is more than $5 per sf for smaller properties, Ginn says.