Real estate deal of the week

Last updated on May 13th, 2019 at 02:43 pm

Decade Properties Inc. recently purchased the 83,810-square-foot Crossroads Corporate Center I office building at 20900 Swenson Drive, Brookfield, and the 71,290-square-foot office building at 330 Executive Drive, Brookfield.

Decade Properties Inc., a Waukesha-based private investment group, recently purchased the 83,810-square-foot Crossroads Corporate Center I office building at 20900 Swenson Drive, Brookfield, and the 71,290-square-foot office building at 330 Executive Drive, Brookfield, from Capri Capital Partners, a Chicago-based pension fund advisor. Decade paid $7.7 million for Crossroads Corporate Center I, which has an assessed value of $7.25 million according to Waukesha County records, and $5.6 million for the building at 330 Executive Dr., which has an assessed value of $6.5 million. Crossroads Corporate Center I was built in 1987 and is now 81 percent leased. Its tenants include Chicago Title Insurance Co., GZA Geoenvironmental Inc. and Konica Business Technology. The 330 Executive Drive building, which was built in 1986, is now 70 percent leased and its tenants include FedEx, New England Financial and T.E. Brennan. EnTrust Realty Advisors LLC brokered the deal for Capri Capital Partners and Decade Properties represented itself. "The upscale Brookfield/Waukesha submarket, recognized as Milwaukee’s top suburban location for business, comprises 8.3 million square feet or 26 percent of the metropolitan market and has a favorable outlook for rent growth and new absorption," said James Clark, EnTrust managing principal. "Many corporations are embracing Milwaukee as a viable alternative to core markets because of its quality office product, corporate neighbors, and availability of a well-educated workforce. Active investments by REITs, institutional capital and private investors totaling $434 million in the last 12 months offers a liquid market to facilitate exit strategies for buildings." EnTrust is an affiliate of Chicago-based The Alter Group.

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