Marcus & Millichap is pleased to present the opportunity to acquire the property located at 282 Progress Way in Sun Prairie, Wisconsin. The subject property consists of approximately 10,150 square feet of distribution warehouse space and is situated on 1.25 acres of land. The single-tenant asset features a clear height of 21’-24’, one dock-high door set in a truck well, two drive-in doors, metal construction, a mezzanine floor, and 10 parking spaces. The roof was recently repaired with a spray and seal coating, reducing future capital expenses. Situated along U.S. Route 151, the property is 14 miles northeast of Downtown Madison and 11 miles from the nearby Dane County Regional Airport. Occupied by the tenant until September 2025, the property can be acquired for owner use or as a lease-up investment opportunity. At $91 per square foot, the property (delivered in 2008) can be acquired well below replacement costs.
The subject property is located within the mid-sized Outlying Dane East submarket, containing 15.5 million square feet of industrial space. In the first quarter of 2025, net absorption posted its second-largest gain over the last decade at nearly 354,000 square feet, surpassing 194,000 square feet of new supply. As a result, the vacancy rate dropped by 110 basis points to 3.9 percent. Despite availability tightening in the submarket, annual rent growth decelerated 40 basis points to 2.7 percent, representing a 10-year low. The average market rent stood at about $7.10 per square foot by the end of Q1. During Q2, only 12,000 square feet of industrial space were under construction in Outlying Dane East, keeping demand in the driver’s seat of vacancies and rents for the foreseeable future (CoStar).
Named after the Founder of America’s Constitution, James Madison, the city of Madison houses the capitol for the state of Wisconsin. Metro Madison is home to about 694,345 residents, 40 percent of which live in the city of Madison. As the state’s capital, government dominates the local economy with over 13,000 state employees. Given the school’s student population of nearly 48,000In, the University of Wisconsin also plays a pivot role in Madison. Thanks to the city’s highly educated workforce, the metro area boasts a median household income that is 12 percent greater than the national average (Marcus & Millichap Research Services).
BROKER OF RECORD
Todd Lindblom
Wisconsin Broker of Record
13890 Bishops Drive, Suite 300
Brookfield, WI 53005
P: (262) 364-1964
License #: 56163-90
Todd.Lindblom@MarcusMillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2025 Marcus & Millichap. All rights reserved. (Activity ID: ZAG0370286)
