F Street Group has acquired an office building in West Allis, and plans to make some renovations and lease out the building's remaining vacant space.
According to state records, an affiliate of the Milwaukee-based development and investment firm acquired the Lincoln Center I office building, at 2448 S. 102nd St., for nearly $2.43 million. The property is assessed at roughly $3.61 million, according to city records.
The seller is Monty Titling Trust 1, an affiliate of Boston-based Capital Crossing.
Located northwest of where West National Avenue meets the I-41 freeway, the three-story building totals 62,700 square feet, and was constructed in 1981. It is 71% occupied, said Scott Lurie, founder and president of F Street.
"We are really excited about this acquisition and we’re certainly looking forward to starting some renovation on the building over the next few months and beyond," said Mike Doney, director of marketing and creative for F Street. "We recently starting introducing ourselves to the current tenants and we’re eager to work on leasing the rest of the available space in the building."
Lurie said that, among other things, the building's lobby and entrance will be upgraded in an effort to modernize the space. The work will commence "in the immediate future," he said.
F Street's acquisition of Lincoln Center I follows the sale of the other two buildings, Lincoln Center II and III, earlier this year.
The buildings, which altogether total nearly 121,000 square feet, were purchased for $10.1 million by an ownership group consisting of a dozen different buyers.