Waukesha-based Decade Properties Inc. recently purchased the largest hotel in Wauwatosa and one of the largest office buildings in Wauwatosa.
The company purchased the eight-story, 150-room Radisson Hotel-Milwaukee West at 2303 N. Mayfair Road, Wauwatosa, and the six-story, 120,000-square-foot office building at 2323 N. Mayfair Road from Jacobus Mayfair Properties LLC, an affiliate of Jacobus Wealth Management Inc.
"They are two very well-located properties, and they are in excellent condition," said Jeff Keierleber, president of Decade Properties. "They’ve done a great job of keeping them up."
The hotel was built in 1972 and was renovated in 1994.
The hotel and the office building are located just northwest of North Avenue and Mayfair Road (Highway 100) and just west of Mayfair Mall.
"You don’t get a much better location," Keierleber said. "It’s a great location with high visibility and a lot of traffic."
The office building a 2323 N. Mayfair Road is about 89-percent occupied, Keierleber said. Its tenants include Marine Bank, Jacobus Wealth Management, Frank Hack & Assoc. Inc. and Zyware Inc.
Decade Properties owns hotels, office buildings, apartment complexes and marinas in Florida and Wisconsin.
Despite the housing industry collapse, the commercial real estate market remains healthy, Keierleber said.
"I think the commercial market is still very strong," he said. "I think there are very good opportunities on both the buyer and seller side. Buyers and sellers are out there."