A national real estate investor has announced the purchase of two retail and office properties in Milwaukee.
Joel J. Gorjian, president and chief executive of Great Neck, New York-based Gorjian Acquisitions, recently acquired the Bradley Square medical/professional services building on North 76th Street as well as the Teutonia Square strip mall on North Teutonia Avenue.
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The two properties were acquired as a portfolio from a private seller, following a 30-day due diligence review and a 30-day closing period, according to a news release. The transactions were valued at $4 million.
“The latest acquisitions bring our national ownership interest portfolio to 60 properties totaling 7 million square feet. These deals were completed as all-cash transactions,” Gorjian said in the release. “We have acquired 27 properties across the United States in the last 12 months and are currently pursuing additional opportunities in the Midwest, Southwest, Southeast, and Northeast."
The roughly 19,500-square-foot Bradley Square, built in 1985 at 7919-7961 N. 76th St., houses medical and professional services offices, including a State Farm office, a podiatry office, a senior day care and a mortgage office. The building is 86 percent occupied, and Gorjian will market the vacant space to local and national service tenants, particularly those targeting local demographics, according to the release. Through a spokesman, Gorjian said new tenants could include medical and dental services, financial services, cash-checking outlets, attorneys, day cares or other similar businesses. The property has an assessed value of $765,600, according to city records.
The 8,300-square-foot Teutonia Square, built in 1984 at 7311-7321 N. Teutonia Ave., is 100 percent occupied. The property has an assessed value of $276,000, according to city records.
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Gorjian targets retail, office and medical properties throughout the U.S. Other recent purchases by Gorjian include the Midway Plaza shopping center in Tallmadge, Ohio; the Salem Plaza in Dayton, Ohio; and the State and Mapleton Plaza shopping center in Columbus, Indiana.
Gorjian is currently searching for more acquisition targets in Wisconsin and throughout the Midwest, the spokesman said. Gorjian focuses on underperforming properties with value-added potential, such as expiring leases with low rents or property owners who have incentive to sell due to financial or personal circumstances. He is looking for acquisitions that offer a minimum of 9.5 percent capitalization rate.
Gorjian Acquisitions is a privately held commercial real estate investment and management firm that has ownership interest in 60 properties nationwide, including mixed-use building, shopping centers, medical facilities, multi-family properties and office buildings.