Wangard Partners, Inc., (Wangard) and Hunzinger Construction Company (Hunzinger) sold their recently completed 200,000 SF, one-story industrial/distribution center building in the Lakeview Corporate Park to Scannell Properties. The sale closed last week for the property located at 10550 86th Avenue, Pleasant Prairie, WI.
The new 200,000 SF, one-story facility is precast and steel with 30-foot-high clear inside to allow maximum flexibility for manufacturing or long-term storage and distribution needs. The project was a joint venture of Lakeview Industrial Development, LLC , a development partnership comprised of Wangard Partners, Inc. as the managing partner and Hunzinger Construction Company. Both firms have previously worked together on many construction projects but this was the first time they developed a project together. The building, designed by Stephen Perry Smith Architects, broke ground at the end of June 2018 and was completed by the end of the year with final site work wrapping up in the spring of 2019.
“Scannell Properties is a rare company. They moved quickly and were focused on their intent with the utmost professionalism. Our team, working with Hunzinger Construction and Stephen Perry Smith, worked under challenging weather conditions to meet the closing deadline. It was well a coordinated effort that allowed us to complete the project while dealing with extraordinary spring rains.” said Stewart Wangard, CEO of Wangard Partners.
The Seller was represented by John Sharpe of Lee & Associates and the Buyer was represented by Tom Boyle of Lee & Associates. The Buyer has retained Lee and Associates to market the facility for lease. Wangard Partners, Inc. will be providing facility management services.
Wangard partners is one of the largest developers in the state and has been recognized by its peers as developer of the year. Wangard is also developing several large multifamily and retail projects in the Mount Pleasant area and will continue to develop industrial properties throughout Southeast Wisconsin.
About Scannell Properties
Founded in 1990, Scannell Properties is a privately-owned real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, government, and multi-family facilities throughout the U.S. and Canada. In 2018, Scannell expanded our industrial development operations into Europe with an office in London, focusing on the core markets of France, Germany, Italy, the Netherlands, Spain and the United Kingdom. Scannell has completed 288 development projects totaling 51,863,591 million SF developed.
About Hunzinger Construction Company
Founded in 1907, Hunzinger Construction Company is based in Brookfield, WI and has an office in Denver, CO. As a fourth-generation, family and employee-owned firm, Hunzinger is responsible for the construction of many of Southeast Wisconsin’s most significant buildings and venues. One of the nation’s oldest and largest builders, Hunzinger is annually recognized by Engineering News Record (ENR), as one of the Top 400 contractors in the United States.
About Wangard Partners, Inc.
In 1992, Wangard began with the intention of being a different kind of commercial real estate firm, one inspired by a true passion for development. Wangard builds for communities, with communities. That means, not just building buildings, but working alongside community groups and government officials to create sustainable spaces for people to enjoy. Wangard continues to improve the landscape of Southeast Wisconsin, not only by developing high-quality, unique properties, but by creating opportunities for job growth to build a stronger economy. It’s an interrelated operation that enriches the quality of life and creates pride in the local communities. As a result of this vision and commitment, Wangard has emerged as a leading commercial real estate firm in Southeast Wisconsin.
Fast Facts:
Address: 10550 86th Avenue, Pleasant Prairie
Developer: Wangard Partners, Inc.
GC: Hunzinger Construction
Owner: Lakeview Industrial Development, LLC a partnership between Wangard and Hunzinger.
Buyer: Scannell Properties #389, LLC
Building size: 195,872 SF
Price: $14,543,496
Sold: June 5, 2019