MADISON, Wis., Oct. 30, 2019 /PRNewswire/ -- Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, today announced its $52 million acquisition of Spectrum Brands World Headquarters, a single-tenant office building located in Middleton, Wisconsin. The four-story property, originally built in 2013 and recently renovated in 2017, spans 252,122 rentable square feet.
With a substantial portfolio of office properties in primary markets, including San Francisco, New York, Washington, D.C. and London, this purchase marks HGI's first office investment in the Wisconsin market. Other Midwest transactions include the purchase of Chicago's One South Wacker office building in 2012. HGI sold the property in 2015.
"Harbor Group International's continued investment in the Midwest office market aligns with our strategic goal to geographically diversify our portfolio into underserved or mispriced markets," said Richard Litton, President, HGI. "While other areas are struggling to fill expanding vacancies and tenants elsewhere are being priced out, we believe this property in the greater Madison area offers a unique opportunity for attractive returns to our investors."
The property is 100% net leased to Spectrum Brands, Inc. through 2034. It is situated approximately six miles west of downtown Madison and falls within a strong office and employment market.
Spectrum Brands is a diversified global branded consumer and Fortune 500 company that manages its business in vertically integrated and product-focused segments including hardware and home improvements, home and personal care, pet supplies and home and garden.
HGI's purchase of Spectrum Brands World Headquarters follows the firm's recent acquisitions of 111 Sutter Street in San Francisco and 1340 Concord in Fort Lauderdale.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company's real estate holdings include 3.6 million square feet of commercial properties and 33,000 apartment units. For additional information, please visit www.harborgroupint.com.