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SUN PRAIRIE, WI-STAG Capital Partners has purchased a 427,000-sf industrial building here in the Sun Prairie Business Park. The company did not divulge the seller or the purchase price of the building, which is fully leased by Famous Footwear. Buildings in this Madison market sell for an average of $35.73 per sf, according to a market report by Grubb & Ellis-Oakbrook.

The building at 1615 Commerce Dr., in this 300-acre industrial park, was constructed in 1989 and renovated in 1993, and has 360 parking spaces and 21 dock doors. The shoe firm has always occupied the facility, says Brad Sweeney, a STAG managing director. “They just renewed their lease,” he says, but he declined to name then rate or the terms. Warehouses in the market lease for about $3.65.

Sweeney tells GlobeSt.com that this is the first property the Boston-based company has purchased in the Madison market, but that the firm also owns industrial properties in the Milwaukee market to the east. “We like Wisconsin, it’s a relatively slow and steady industrial market that never gets too ahead of itself,” he says. “We’ve always been a big buyer in the Midwest, though we’re shying away from areas heavily exposed to automotive, such as Detroit, Ohio and Indiana. We’d have to have a really good cap rate to dabble in those markets.”

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