Madison-based SARA Investment Real Estate purchased a six-story office building on Mayfair Road in Wauwatosa for $4.85 million, according to state records.
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2675 N. Mayfair Road. Photo by LoopNet.[/caption]
The 102,000-square-foot property at 2675 Mayfair Road was sold by Overland Park, Kansas-based MSC 2003-IQ4, which is registered to Midland Loan Services.
The property has an assessed value of $7 million, according to county records.
“This is a value add investment in an office building where we anticipate significant capital improvements and an aggressive lease up strategy,” said Ben Adank, SARA’s vice president of business development said in a written statement. “The Mayfair Road area is a vibrant and growing commercial district with excellent long-term potential.”
The company plans to invest in the property and increase its tenants, a spokeswoman said.