Bear Real Estate affiliate buys Pewaukee office building

Waterstone Mortgage is tenant

Last updated on May 15th, 2019 at 05:01 pm

An affiliate of Kenosha-based Bear Real Estate Group purchased a Pewaukee office building for $6.2 million, according to state records.front-entrance-indoor

Mills Hotel Wyoming, LLC purchased the 56,086-square-foot one-story office building from Chicago-based First Industrial Realty Trust, Inc. The property, which sits on 4.8 acres, is assessed at $3 million by Waukesha County.

The building is occupied by Waterstone Mortgage Corp., a wholly owned subsidiary of Wauwatosa-based Waterstone Bank SSB.

Bear Development president S.R. Mills, could not immediately be reached for comment.

Doug Gordon, president and CEO of Waterstone Bank, said the mortgage company still has eight years left on its lease and there are no changes planned at this time.

First Industrial Realty Trust closed its Milwaukee area office in 2009 after five years in operations and has gradually been selling its properties in the area.

Earlier this month, Commerce Drive Holdings LLC purchased a warehouse at 2485 S. Commerce Drive, New Berlin from First Industrial Realty Trust for $3.5 million.

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