A Chicago-based investor purchased High Ridge Office Center in Pewaukee for $1.5 million and is planning to renovate the building to increase its occupancy from its current 50 percent.
Colonial Brick Company, Inc., purchased the 33,500-square-foot building at N16 W23233 Stone Ridge Drive from a Bethesda, Md.-based holding company in an online auction.
This is the third time the two-story building has been auctioned. The first two times there wasn’t a high enough bid for the seller to approve, said Jack Jacobson, principal NAI MLG Commercial.
Jacobson and Tim Janusz, of NAI MLG Commercial, sold the building through the auction process and will manage and lease the property for Colonial Brick Co., which also owns several properties in Wisconsin.
There are three spaces, each a under 1,000-square-feet, and one space just under 7,500-square-feet available for lease in the building.
“This makes going forward a lot easier,” Jacobson said. “These are local guys willing to spend some money on improvements to the building.”
The property was built in 1995, and was assessed at $1.7 million.
Phil Mumford Jr., who owns Colonial Brick with his father, said he plans on replacing the building’s sign, putting in new landscaping and updating the lobby and common areas.
“It was built in the mid-90s so we need to modernize it a little bit,” Mumford said.
The Mumfords own several businesses in Wisconsin including AFW Foundry Inc., in Lannon; Advance Die Casting Co., Milwaukee; Stroh Precision Die Casting, Mauston; and Architectural Woodwork in Madison.