Last updated on May 15th, 2019 at 05:00 pm
An affiliate of Kenosha-based Bear Real Estate Group purchased three office buildings in West Allis for $9.1 million.
The buildings have a total of 116,219 square feet of space, and are located at 11300, 11420 and 11548 W. Theodore Trecker Way near the Zoo Interchange.
The Zoo Interchange is the busiest freeway interchange in the state and is going through a $1.7 billion reconstruction project.
The office buildings purchased by Bear are 98 percent occupied, and tenants include BMO Harris Bank, Konecranes, and Fresenius Medical Care.
“Bear is extremely excited to add this exceptional property to our growing portfolio” said S.R. Mills, president of Bear Development.
The seller, LSOP WI LLC, a joint venture of Lower Gwynedd, Pennsylvania-based Somerset Properties and Westport, Connecticut-based Greenfield Partners, was represented by Tom Shepherd of Colliers International Wisconsin.
“The sellers were excellent stewards over the years they owned the buildings,” Shepherd said. “They reinvested and completely renovated the Konecranes building after it was vacated several years ago by Trane Corporation. They maintained stabilized occupancy and retained dozens of professional jobs in the heart of the Milwaukee metro area. The buyer quickly realized the long-term value of owning quality buildings at the epicenter of our market.”
This has been a busy few months for Bear Development. Last week, an affiliate of the company purchased an 11-acre site in St. Francis for $2.1 million where it plans to build a 315-unit luxury apartment development. In September, the company purchased the Waterstone Mortgage Corp. building in Pewaukee for $6.2 million and in August, an investor group led by the developer purchased more than 164 acres of farm land for $710,000 in Franklin.
Bear is also converting Milwaukee’s Button Block building, 500 N. Water St. into a 94-room Homewood Suites Hotel in downtown Milwaukee.