A Venture One Real Estate acquisition fund paid $24.3 million for an industrial building in Pleasant Prairie’s LakeView Corporate Park, reflecting an almost $10 million increase in value since it last sold in summer 2019.

That price shift reflects both improvements made to the building that brought in tenants, but also the higher values investors see in southern Wisconsin’s industrial market.

“It’s a high-quality asset in really the best business park in southern Wisconsin,” said Matt Goode, principal with Venture One. “It’s a market we plan to continue to invest dollars into.”

The Pleasant Prairie building at 10550 86th Ave. has two tenants: Iron Mountain Refrigeration & Equipment and a new addition with contract manufacturer Asteroid Precision. About 48,306 square feet of its total 196,656 are vacant, Goode said.

The building fetched $14.5 million when it last sold in June 2019, according to state records. Indianapolis developer Scannell Properties bought it at that time. It was empty then, so the higher value of its $24.3 million sale recorded this week reflects investments Scannell put into the property to attract its two tenants.

It also shows the increasing value of industrial buildings in general as their rental rates creep up amid strong demand for space, and construction prices increase.

Read more at the Milwaukee Business Journal.