A California real estate investment firm has acquired the Brown Deer Business Park as part of a four-property deal worth $35 million.
Newport Beach, Calif.-based Hager Pacific Properties’ acquisition of the Brown Deer Business Park represents the company’s first acquisition in the Milwaukee area.
The Brown Deer property’s eight buildings are located at 9001-9045 N. Deerwood Drive and 8921-8951, 9000, 9009-9049, 9053-9069, 9050-9082, 9073-9099 and 9151-9181 N. Deerbrook Trail at the intersection of North Green Bay Road and West Brown Deer Road.
The business park includes industrial, office and flex space. Tenants include Pitney Bowes, Otis Elevators, OTR Engineering and Kleen Test.
The four-property acquisition by Hager Pacific also included a 119,000-square-foot industrial property on 4.62 acres in Oakland, California; a 41,715-square-foot ice cream plant on 5.49 acres in Buena Park, California; and a 42,988-square-foot milk plant on 4.69 acres in Buena Park.
“We are pleased with the volume of our recent acquisitions and our team’s ability to capitalize on four strategic opportunities to invest in unique industrial assets with very strong growth potential,” Robert Neal, Hager Pacific Properties’ managing partner, said in a press release. “The assets’ desirable locations in the thriving Oakland, Orange County and Milwaukee markets offer an exciting challenge for our firm.”
The business park formerly belonged to an affiliate of HSA Commercial Real Estate, which lost it to a lender in 2014 through a foreclosure lawsuit.