A group of light industrial buildings near Mitchell International Airport sells for $60 million

A group of light industrial buildings near Mitchell International Airport has been sold for just under $60 million, according to Wisconsin Department of Revenue records.

The buildings, known as Mitchell Industrial Park, are at 6055 S. Pennsylvania Ave. and other addresses in Cudahy.

They were sold by four investors groups affiliated with Oak Realty Group Inc., based in Deerfield, Illinois, to a joint venture between New York-based DRA Advisors and Capital Partners, based in Edina, Minnesota, according to Colliers, the real estate firm which brokered the sale.

It's the largest industrial real estate sale so far this year in Wisconsin, according to Colliers.

The 10 buildings total 879,704 square feet and are 99% leased to 22 tenants, including DHL, National Packaging Services, Menasha Packaging and Fastenal. The buildings were constructed over the course of several decades and range in size from 24,000 square feet to 212,000 square feet.

The Milwaukee-area industrial real estate market had a 5.7% vacancy rate at the end of the second quarter, according to the latest survey from the Commercial Association of Realtors-Wisconsin. That includes a 7.6% vacancy rate in Milwaukee County.

Brokers on the sale were Tom Shepherd, Jennifer Huber-Bullock, Bill Langhoff, and Joe Langhoff of Colliers/Wisconsin, and Jeff Devine, Steve Disse, and Tyler Ziebel of Colliers/Chicago

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.