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Harbor Group Snares Spectrum Brands HQ
Harbor Group International (HGI) acquired Spectrum Brands World Headquarters, a single-tenant office building located in Middleton, WI, within the Madison metro area. HGI paid $52 million for the 252,122-square-foot property.
The acquisition 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 through 2034. It is situated approximately six miles west of downtown Madison.
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