Denver-based Broe Real Estate Group, an investor and operator of commercial real estate assets across the U.S., said it is recapitalizing the One Riverwood Place and Two Riverwood Place offices in Pewaukee under a managed affiliate.
One Riverwood Place is a 97,811-square-foot office building at N17 W24222 Riverwood Dr., Pewaukee, that was built in 1999. Two Riverwood Place is a 98,567-square-foot office building at N19 W24133 Riverwood Dr., Pewaukee, that was built in 2001. The buildings are now 72 percent leased, according to Broe.
As part of the transaction, Broe’s affiliate is assuming a $26.5 million dollar CMBS loan through a recapitalization. Broe will assume all asset management responsibilities and will fund all future capital improvements and leasing costs. The property was originally acquired by a tenant-in-common (TIC) group of investors in 2007 for $36.5 million.
“We are excited about the Riverwood recap because it’s a great property in a strong suburban market. The transaction also represents the first of many recapitalizations Broe plans to close in 2015 with our new Equity Solutions program,” said Jim Crawford, vice president – acquisitions, Broe Real Estate Group.
