A warehouse in northwest Green Bay, Wisconsin, remains locally owned after a landmark sale in March 2023.
The sale of the warehouse at 1850 Velp Ave. has earned it a 2024 CoStar Impact Award for sale/acquisition of the year in Green Bay, as judged by real estate professionals familiar with the market.
Seller P&N Inc. sold the 17,600-square-foot industrial space to Appleton, Wisconsin-based Bartlett Capital Group for $1.56 million, or $88.58 per square foot. The building was built in 1980 and sits near the intersection of I-41 and I-43, within five miles of downtown Green Bay.
Following the death of the building's owner, 1850 Velp Ave. was put up for sale. The prospect of new ownership worried the warehouse's tenants, one of which considered moving out. But for now, those moving plans are on hold.
About the Project: The industrial warehouse at 1850 Velp Ave. in Howard, Wisconsin, is a 17,600-square-foot building that was built in 1980. Its major tenants are ABC Supply and Wisconsin Document Imaging. The building has eight 14-foot overhead doors.
What the Judges Said: "Keeping businesses like this in our local market has a positive impact. Many of these companies have a choice on where they locate in the state and being able to retain them locally has a positive impact." — Adam Meyers, senior commercial real estate advisor, NAI Pfefferle
They Made It Happen: Patrick Ryan, P&N Inc.; Zaid Jazrawi, Innovative Real Estate; John Roberts, NAI Pfefferle.