By: Sean Ryan, Milwaukee Business Journal – August 29, 2016
Milwaukee-based LCM Funds LLC bought a large industrial facility near Capitol Drive from Bentley World Packaging, and will lease it back to the company.
The building at 200 W. Capitol Drive in Glendale has 261,560 square feet on 15.77 acres, according to David Winograd of LCM Funds. It is next to the packaging company’s headquarters building on North Port Washington Road.
Bentley World Packaging sold the same building back in 2006 to another real estate investor, STAG Industrial Inc. of Boston, said Todd Bentley, vice president of corporate strategy. Bentley bought it back from STAG at the end of 2015 so it could invest in various improvements to the building, including new skylights, roof and sewer improvements, he said.
With that work completed, Bentley hired Milwaukee-based Barry Co. to put the building on the market for sale, leading to the deal with LCM Funds. The company has a 10-year lease to remain in the building, with options for extensions, Bentley said.
“At the end of the day, we’re in the packaging business, not the real estate business,” he said.
Bentley World uses the building to package products being shipped overseas.
Bentley will lease the entire building, Winograd said. LCM Funds has been active in the Milwaukee area, particularly in the Walker’s Point neighborhood where its projects include the South Water Works redevelopment.
The building sold last week for $5.82 million, according to state records.
Winograd said The Barry Co. and RFP Commercial brokered the deal.
Original article can be located here.