New Germantown Industrial Park Under Construction
Washington County continues to be one of the top destinations for industrial real estate development with Capstone Quadrangle recently breaking ground on Capstone 41, a three (3) building industrial park development covering 53 acres. Located within a ½ mile of the Holy Hill Road and I-41 interchange, the development will be strategically positioned to attract labor from both the Milwaukee and southern Fox Valley marketplaces. The first building that is under construction will be 203,580 square feet and the building will possess all of the amenities that modern industrial companies are searching for such as: 32’ clear height ceilings, above standard parking ratios, and a 185’ deep truck court which will allow for the parking of trailers. Capstone pushed for an aggressive development timeline and secured their precast concrete and steel over the summer of 2021 which will allow them to deliver the first building ready for occupancy in August of 2022.
The Holy Hill area in Germantown has exploded with industrial development since the Gateway Crossing TIF district was approved in 2018. The TIF was needed to attract the 700,000 square foot Briggs & Stratton distribution center and there have been seven (7) new industrial buildings, totaling 1.75 million square feet, that have been developed in this pocket since 2019. Mike Faber, Principal of Capstone Quadrangle, had this to say about Capstone 41 “When we were reviewing different development opportunities throughout southeast Wisconsin, we kept coming back to Washington County and the I-41 corridor. The County and this submarket have a great story to tell with over $300 million of private investment and nearly 2,500 jobs created over the past decade.”
Capstone was not the only one sold on the promising outlook for Washington County. Capstone was able to secure Washington Capital Management (on behalf of one or more of its clients), a Boston-based institutional investment management firm with nearly $8 billion dollars under management, as an investment partner in the project. Wisconsin is frequently overlooked by institutional investors, and the joint venture partnership is a testament to Capstone as well as the investment strength of the site and submarket. When the three phases of the project are complete, the total development will approach nearly 800,000 square feet of Class A Industrial property, a projected tax increment value of nearly $65 million dollars and could support upwards of 1,000 jobs.
For Leasing Information contact:
Cushman & Wakefield | Boerke