CBRE Arranges Sale of 1 MSF Industrial Asset
- Mar 07, 2018
CBRE Capital Markets has arranged the sale of the Mills Fleet Farm, a 1.1 million-square-foot build-to-suit distribution center in Chippewa Falls, Wis. CBRE worked on behalf of the seller, Ryan Cos., which developed, designed and constructed the building. An affiliate of iStar Inc. acquired the property for $50.3 million.
Completed in December 2017, the facility became operational in January. Located at 2900 Lake View Drive, on approximately 72 acres, the Class A industrial building is situated 80 miles east of Minneapolis. The property offers the possibility of a 200,000-square-foot expansion to the east.
The Mills Fleet Farm facility counts 100 employees, with plans to hire 325 workers by the end of the year. The City of Chippewa Falls provided $10 million in tax increment financing for development: a $7.3 million grant and $1.3 million for land purchase as well as sewer, water and storm water extensions, according to The Chippewa.
Judd Welliver, Ryan Watts, Guy Ponticiello, Tom Holtz and Sonja Dusil were part of the team that represented the seller. Back in October 2017, CBRE represented iStar Inc. in the acquisition of an Arizona Class A office complex.
Image courtesy of CBRE