The Barnabas Business Center office complex in Glendale, has been sold to a Madison and West Allis-based housing developer for $4.5 million, according to state records.
[caption id="attachment_336713" align="alignright" width="382"] Barnabas Business Center[/caption]
Barnabas Building Properties LLC, sold the 9.4-acre property at 4650 N. Port Washington Road to CRH Barnabas, LLC, which is registered to Cardinal Capital Management, Inc.
The property includes four buildings totaling approximately 114,600 square feet.
Cardinal develops homes in Wisconsin, Iowa, Colorado and Arizona. Representatives from the company could not immediately be reached.
Patrick Gallagher, Peter Langhoff and Max Schultz in CBRE’s Milwaukee office represented the seller.
“The buyer was attracted to the unique architecture with a picturesque setting along the Milwaukee River,"Gallagher said. "It has a number of stable, long-term tenants with some quality vacant space for upside potential.”
The Barnabas complex was constructed in 1922 by the Uihlein family (the owners of the Schlitz brewery). The complex was the former home of Eline’s Chocolate Company.
The site also includes additional land along the river that could be improved in the future.