Pewaukee office building sold for $4.4 million

Madison-based Sara Investment Real Estate LLC purchased the three-story, 53,626-square-foot Squires III Office Center building at N19 W24075 Riverwood Drive, Pewaukee, from Brookfield-based Palmisano Companies Ltd. for $4.4 million, according to state records.

“We purchased it because we like the area that it’s in,” said Traci Dalsin, executive vice president for Sara Investment Real Estate. “We like the market.”

The building has a “mix of great tenants,” Dalsin said, including Care Wisconsin and Hills Legal Group Ltd.

The building, which was built on a four-acre site in 1999, was sold for well below its assessed value of $5.8 million, according to city of Pewaukee records.

Sara Investment considers the building a long-term investment, Dalsin said.

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