Madison-based Sarah Investment Real Estate LLC recently purchased two three-story office buildings called the Franklin Corporate Centre, with a total of 64,000 square feet of space, at 9779 and 9809 S. Franklin Dr., Franklin, from Pewaukee-based Foundations Bank for $5.5 million, or about $85.94 per square foot.
Foundations Bank was represented by Lori Hake and Mike Judson of Pewaukee-based Judson & Associates in brokering the sale. Foundations Bank had taken the buildings back from the previous owner, JDC Logistics Inc. via receivership.
JDC vacated most of one of the buildings. The Transportation Security Administration (TSA), part of the U.S. Department of Homeland Security, recently leased 12,000 square feet of space in that the buildings. The TSA deal was critical in making the property attractive to a buyer, Hake and Judson said.
The other building is 84 percent occupied, Judson said.
The Franklin office complex is the second recent commercial real estate acquisition in the Milwaukee area by Sara Investment Real Estate. The firm recently purchased the 20,000-square-foot Pewaukee Commons retail building at 1275 Capitol Dr., Pewaukee, for $2.9 million, or about $145 per square foot.
