A Dallas-based private equity firm has purchased the Honey Creek Corporate Center II office building in a sheriff’s sale for $9 million and will test the market to determine next steps for the underutilized structure.
A subsidiary of Lone Star Funds purchased the 119,596-square-foot, four-story office building at 115 S. 84th St. from Geneva Exchange Fund XLVIII, LLC, a group of tenant-in-common investors July 24.
The property is assessed by the city of Milwaukee at $9 million. A subsidiary of Lone Star Funds was the lender for Geneva Exchange Fund XLVIII LLC.
Jack Jacobson, principal at NAI MLG Commercial, which has been the listing broker and property manager for the property and will continue in the role, said Hudson Real Estate plans on testing the market before making any decisions on the building.
The building currently is just over 50 percent vacant.
Jacobson said the three other buildings located in the office park have high occupancy rates and in recent months, Honey Creek Corporate Center II has been on an upswing.
Employment firm Aerotek is consolidating its offices in Milwaukee to the Honey Creek Corporate Center II building and wealth management company TMI Trust Co. is moving from Milwaukee’s Park Place business park to the building.
“We’ve leased a total of 20,000 square feet in the last couple of months,” Jacobson said. “This is a great opportunity for someone.”
Representatives from Hudson Real Estate could not immediately be reached for comment.
In September, HCI Acquisitions LLC, an affiliate of Greywolf Partners, purchased Honey Creek Corporate Center I at 125 S. 84th St. for $17.25 million.
