Portfolio · Germantown, WI · Milwaukee Market
N117 W18654 Fulton Drive
Functional industrial building in the supply-constrained Germantown submarket.
The asset
N117 W18654 Fulton Drive is a 20,080 SF industrial building in Germantown, WI, within the Milwaukee–Waukesha, WI market. Functional industrial building in the supply-constrained Germantown submarket.
Bluebird's approach
Bluebird acquires functional small-bay, flex, and single-tenant industrial product at a basis below replacement cost, then drives value through leasing, mark-to-market on rollover, and disciplined operations alongside Summit Real Estate Services. Detailed deal-level economics are shared with prospective accredited investors during the offering process.
Market snapshot
Milwaukee–Waukesha, WI · CoStar, 2026 Q1
- Vacancy
- 5.1%
- Asking rent
- $7.68/SF
- Net absorption (12 mo)
- 1.2M SF
- Market cap rate
- 9.8%
Strategy fit
- • Below-replacement-cost basis
- • Small-bay / flex / single-tenant industrial
- • Supply-constrained Midwest submarket
- • Leasing & mark-to-market value-add
Property gallery
More from the portfolio
Owned or previously owned by Bluebird-affiliated entities and provided for illustrative purposes only. Market data sourced from CoStar (2026 Q1). Not an offer to sell or a solicitation to buy securities. Past performance does not guarantee future results.
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Bluebird works with accredited investors and family offices on value-add Midwest industrial like this. Request access to current and upcoming opportunities.
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