July 7, 2022 11:00 a.m.
Newmark announces the sale of N9246 State Road 80, an approximately 381,000 square foot industrial property in Necedah, Wisconsin. Ownership was traded from MVP Logistics to an undisclosed Milwaukee-based investment firm for $3 million. Newmark Director Adam MatsonSIOR and associate director Patrick Hanrahan represented the seller.
N9246 State Road 80 is a one-story, 381,000 square foot industrial building situated on 67.75 acres of land. The building includes 198,000 square feet of warehouse space and 183,000 square feet of office space with the possibility of converting the office space into a warehouse. Building features include 18 dock doors, five entrance doors, 14 to 23.5 feet of headroom, and 2,000 amp/480 volt power.
The property is in Necedah, Wisconsin, about halfway between Minneapolis and Chicago, and has convenient access to Interstates 90 and 94, providing connection to major population centers in the Midwest.
“Investors are looking for industry opportunities that meet their e-commerce needs,” Matson said. “With a prime distribution location roughly equidistant between Minneapolis and Chicago, this sale is a valuable illustration of this trend and continued investor demand.”
Industrial remains the best-performing property type in U.S. commercial real estate in terms of total returns and rental growth, according to Newmark Research. This propelled investment volume up 50% year-over-year to $33.9 billion in the first quarter of 2022. Auctions for well-located distribution and warehouse products put upward pressure on prices, with major market prices hitting a record high of $333 per square foot. . Given the high levels of rental growth in recent years and high inflation, a price premium is often obtained on industrial properties with lower remaining rental terms, so that investors can more quickly assess rents at market price. market and increase returns.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark generated nearly $3.1 billion in revenue for the twelve months ending March 31, 2022. Newmark company-owned offices, along with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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