Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.