Wangard Advisors, a Milwaukee-based real estate investment and acquisition company, recently purchased two office buildings in Wauwatosa for $26 million, on behalf of Mayfair Pointe LLC, a tenant-in-common group of nine local and national investors.
Wangard Advisors, a Milwaukee-based real estate investment and acquisition company, recently purchased two office buildings on Mayfair Road in Wauwatosa for $26 million, on behalf of Mayfair Pointe LLC, a tenant-in-common group of nine local and national investors. The buildings purchased by Wangard on behalf of Mayfair Pointe are the four-story, 127,762-square-foot, eight-year-old High Pointe Office Center building at 1200 N. Mayfair Road and the three-story, 70,481-square-foot, 24-year-old Mayfair Crossing building at 1233 N. Mayfair Road. The buildings were sold by Seattle-based New Tower Trust Co."High Pointe and Mayfair Crossing are modern, quality office buildings in a superior commercial neighborhood – on the doorstep of the growing Milwaukee County Research Park, as well as one of the strongest retail and business corridors in the region," said Stewart Wangard, president and CEO of Wangard Advisors and an investor in Mayfair Pointe LLC. "These properties have a great mix of outstanding tenants, easy freeway access and proximity to health care and outstanding residential neighborhoods – they’re clearly two of the strongest commercial real estate assets in Milwaukee’s western suburbs. This is a tremendous opportunity, both for our investors and for High Pointe and Mayfair Crossing tenants."
Mayfair Pointe LLC plans to invest more than $1 million in upgrades to the two buildings, Wangard said. Additionally, Wangard said he anticipates putting most of the return he sees on his personal investment back into the properties. “We anticipate a smooth transition for tenants, and we believe they will notice a positive difference with a local owner who truly realizes the tremendous geographic value of these two premier properties,” Wangard said. “While these are beautiful buildings with state-of-the-art telecommunications systems and other amenities, we think they can be even better.”
High Pointe and Mayfair Crossing are 83 percent leased to 30 tenants, including Morgan Stanley; AIG Life Brokerage; Hays Group, Inc.; Reilly, Penner & Benton LLP; HDR Architecture, Sprint and others. Wangard Partners, Inc., a Milwaukee-based commercial real estate brokerage firm also headed by Stewart Wangard, will assume management of the properties on Sept. 1.
