Mayfair Collection developer HSA Commercial Real Estate, has purchased an office building along Mayfair Road in Wauwatosa.
The firm bought the 45,321-square-foot bank-owned property on 2.16 acres at 3077 N. Mayfair Road for $3.3 million Tuesday.
Colliers International brokered the deal.
The office building is 84 percent leased to Milwaukee Career College through the end of 2020. It has been bank-owned since 2013.
Tim Blum, managing partner of HSA Commercial, said the goal is to redevelop the property into a mixed-use development.
“We wanted to control this building because it’s an important entry into the eastern portion of this district,” Blum said. “The district is important to us. We were concerned about who is on our perimeter.”
HSA will also ask the Wauwatosa Plan Commission on Sept. 14 to start redevelopment of the former Schwaab Stamp Factory, 11415 W. Burleigh St. Blum is not naming tenants but said he would like to add specialty retail that complements the merchants at the Mayfair Collection.
“There are many stakeholders in the city of Wauwatosa,” Blum said. “I am optimistic we can fulfill the vision of the city’s masterplan for this parcel.”
HSA Commercial broke ground on the second phase of the The Mayfair Collection, located at U.S. Highway 45 and Burleigh Street, in May. It will include a 45,150-square-foot Whole Foods store, a 140-room Hilton Homewood Suites hotel, a HomeGoods store and three Bartolotta restaurants, with a planned opening for Whole Foods early in 2016.
