DEERFIELD, Ill., Sept. 19, 2017 (GLOBE NEWSWIRE) -- An affiliate of Deerfield, IL based Oak Realty Group, Inc. (“ORG”) entered the Milwaukee industrial market by acquiring a 879,704 square foot, 10-building industrial portfolio. The property is located in the highly desirable airport submarket and is situated adjacent to the southeast corner of Milwaukee’s General Mitchell International Airport, approximately 2.5 miles east of I-94.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/55cebe24-f357-4ee0-9443-cab1b08a2aac
The portfolio sits on nearly 57 acres of land containing ten buildings ranging in size from 40,000 to 215,000 square feet. The buildings were constructed in phases through 2004 by a local Milwaukee developer. The current tenants include a broad mix of national, regional and local businesses, many of which rely on the close proximity to the adjacent airport and central location within the greater Milwaukee region.
ORG plans to add value to the property through upgrades and renovations to the buildings and related structures as well as working with several tenants who desire to expand within the park. ORG partnered with The Africk Family Office, which owns a diversified portfolio of multi-family, commercial and industrial real estate nationwide. The Mitchell Portfolio marks the partnership’s third acquisition together. Jon Africk, the family’s Managing Partner, said, “We are pleased to again partner with Oak Realty. With each acquisition together, we become more impressed by the quality of their team, the rigor of their analysis, and the depth of their industry relationships. As principals, we try to see complexity where others see risk. The Mitchell Portfolio- with Oak’s unique vision and associated ability to maximize value- aligns well with our long-term objectives for growth in our real estate portfolio.”
Greg Nieder, Executive Vice President at Oak Realty Group, Inc. said “The Mitchell Industrial Portfolio is a perfect fit for Oak’s growing commercial property investment program, providing ORG and its investment partners the combination of consistent and predictable returns with value-add opportunities from a well-located industrial asset in a very stable submarket within the Milwaukee MSA. We have been aggressively pursuing investments that some groups might find challenging and we are adept at working on highly structured deals.”
Nieder continued, “In addition, we see numerous opportunities in which the underlying value and upside is under-appreciated. Our operational expertise helps us evaluate complex deals with more creativity. As we grow our commercial footprint, we will seek opportunities that combine current cash flow with medium-to-long-term value-added upside not just in the Milwaukee submarket, but in similarly attractive locations throughout the Midwest.”
About Oak Realty Group, Inc.
Oak Realty Group, Inc., and Oak Residential Partners, LLC, its multifamily division, invest in high quality office, medical office, industrial and apartment properties in major markets across the country. Since 2001 the companies have acquired over nine million square feet of commercial and apartment properties valued at over $1 billion. The principals possess expertise in real estate acquisition, finance and asset management through a combined 125+ years of transactional and operational experience and both companies are seeking aggressive growth through acquisitions of value-add, institutional-type and sized assets.
The Oak Realty Group, Inc. offices are located at 740 Waukegan Road, Suite 310, Deerfield, Illinois 60015. The company’s phone number is (847) 400-5700 Additional information on the company can be found at www.oakrealtygroup.com.
Contact: Adam Levine
Source:Oak Realty Group, Inc.