Madison-based SARA Investment Real Estate has acquired a 49,000-square-foot office building on Plank Court in Wauwatosa for $3.9 million and plans to attract additional tenants there, the company announced recently.
According to a company spokesperson, the building located at 11020 W. Plank Court is 71% leased. Current tenants include Corix Infrastructure, Scottish Rite and Make-a-Wish Wisconsin.
It is assessed at $3.1 million, according to Milwaukee County records. State records indicate the building was purchased from LSOP WI LLC, an affiliate of Westport, Connecticut-based real estate investment firm Greenfield Partners.
“The Plank Court office building provided the opportunity to acquire a quality asset with positive cash flow in the Milwaukee market,” Christina Podoll Ballweg, SARA vice president of investor relations, said in a statement.
The company noted it plans to generate additional value from the property by reinvesting current cashflow into lease-up efforts.
“We plan to keep the same leasing team in place to benefit from traction they have gained within the market,” Podoll Ballweg said. “As well, we have budgeted to provide competitive tenant improvement packages to assist new tenants with the build-out of their space.”
“We are always excited to add another property to our Milwaukee portfolio,” Ben Adank, vice president of business development at SARA, said in a statement. “Plank Court is another great example of what makes Milwaukee and its submarkets a great place to deploy capital.”
SARA has offices in Madison, Milwaukee, Minneapolis and St. Louis. The firm attains, develops, leases, finances and manages properties throughout the Midwest. It manages properties valued at more than $260 million.