Madison-based Sara Investment Real Estate LLC continues to increase its Milwaukee area portfolio. The company on Tuesday announced its fourth Milwaukee area commercial real estate acquisition of the year, and the third involving a distressed property.
The firm said that it has acquired three distressed properties on Miller Park Way in West Milwaukee from Brown Deer-based Bank Mutual Corp. for $5.65 million. The properties include a 19,000-square-foot multi-tenant retail building, an 18,000-square-foot Office Max store and a Sonic restaurant.
The multi-tenant building has seven existing tenants and 2,200 square feet of vacant space. Build out work is under construction for two tenants.
This is the third distressed property acquisition by Sara Investment Real Estate in the Milwaukee area.
Earlier this year, Sara Investment Real Estate purchased two three-story office buildings called the Franklin Corporate Centre, with a total of 64,000 square feet of space, at 9779 and 9809 S. Franklin Dr., Franklin, from Pewaukee-based Foundations Bank for $5.5 million, or about $85.94 per square foot. Foundations Bank had taken the buildings back from the previous owner, JDC Logistics Inc. via receivership.
Also, earlier this year, Sara Investment Real Estate purchased a 20,000-square-foot retail center in the Village of Pewaukee. Sara paid $2.9 million for Pewaukee Commons, 1275 Capitol Drive, which includes Buffalo Wild Wings and Five Guys Burgers and Fries restaurants. Sara bought the property from Madison-based Anchor Bank, which acquired it through foreclosure.
In another Milwaukee area deal this year, Sara Investment Real Estate purchased a 43,164-square-foot industrial building at 909 Perkins Dr., Mukwonago, from Monster Investments LLC for $1.75 million, or about $40.54 per square foot. The building was previously occupied by Monster Medic. Sara Investment Real Estate leased the building to Gearbox Express LLC.