New Blueprint Partners buys New Berlin industrial property in 1031 exchange

By AI, Created 4:31 AM UTC, June 01, 2026, /AGP/ – New Blueprint Partners acquired a 59,994-square-foot industrial flex property in New Berlin, Wisconsin, through a 1031 like-kind exchange after selling a Milwaukee-area asset. The fully leased, Lowe’s-backed property adds long-term income in a submarket with vacancy below 1%, underscoring the firm’s focus on supply-constrained industrial assets.

Why it matters: - The deal keeps New Blueprint Partners’ capital in industrial real estate while deferring capital gains through a 1031 exchange. - The property sits in a tight Milwaukee-area industrial market, where vacancy is under 1%. - The acquisition adds a fully leased, net-leased income stream backed by a parent company that bought Artisan Design Group in a $1.325 billion transaction.

What happened: - New Blueprint Partners acquired the single-tenant industrial flex property at 1925 South Moorland Road in New Berlin, Wisconsin. - The White Plains, New York-based firm completed the purchase through a 1031 like-kind exchange. - The exchange followed the firm’s recent sale of a Milwaukee-area asset bought in October 2021. - The property is approximately 59,994 square feet and sits on 4.37 acres in the New Berlin Industrial Park. - The asset is fully leased to Nonn’s Flooring LLC on a triple-net basis.

The details: - Nonn’s Flooring is a Wisconsin-headquartered specialty retailer founded in 1984. - Nonn’s operates under Artisan Design Group. - Lowe’s Companies acquired Artisan Design Group in June 2025 for $1.325 billion. - The lease includes 2% annual rent escalations. - The lease also includes two five-year renewal options. - The property offers approximately 14- to 20-foot clear heights. - The building includes four loading docks and six drive-in doors. - The site provides direct access to Interstate 94 and is within three minutes of the interstate. - General Mitchell International Airport is about 22 minutes away. - Moorland Road carries about 29,800 vehicles per day. - The New Berlin Industrial Park is one of Wisconsin’s largest business parks and is home to more than 1,800 businesses. - The broader market has about 12 million square feet of rentable industrial space. - The submarket vacancy rate is under 1%.

Between the lines: - The purchase fits New Blueprint Partners’ strategy of targeting small- and middle-market industrial assets in supply-constrained submarkets. - The firm is leaning into Wisconsin and the greater Milwaukee metro after seeing prior investment success there. - The Lowe’s connection strengthens the tenant credit story without changing the lease’s net-lease structure. - The emphasis on off-market, value-oriented properties suggests the firm is hunting for assets that can generate income without competing for trophy deals.

What’s next: - New Blueprint Partners plans to keep investing in well-located industrial properties across the greater Milwaukee metro. - The firm will continue using industrial real estate as the core vehicle for compounding investor capital. - The company expects the New Berlin asset to provide durable cash flow through the existing lease and renewal options.

The bottom line: - New Blueprint Partners swapped one Milwaukee-area industrial asset for another, betting that a fully leased, Lowe’s-backed property in a near-zero-vacancy submarket can deliver steady income and long-term upside.