A pair of office buildings in Pewaukee, totaling about 200,000 square feet, have been purchased by a Texas investor for $11.25 million, according to state records.
One Riverwood and Two Riverwood, located in the Riverwood Corporate Center near the intersection of Highway 164 and I-94, were purchased by Fort Worth, Texas-based
Woodside.
Woodside "seeks to add value by acquiring attractive assets at deep discounts, managing the value-add process, and selling each stabilized asset to traditional real estate buyers," the firm's website says.
The firm targets office, industrial and retail properties that are 40% to 80% occupied. One Riverwood, located at N17 W24222 Riverwood Drive, is about 66% occupied and Two Riverwood, located at N19 W24133 Riverwood Drive, is about 60% occupied, according to documents from
Colliers, which markets the properties.
According to Waukesha County records the two buildings have a combined assessed value of $22 million, far above the $11.25 million they Woodside paid to buy them.
The buildings, built in 1999 and 2001, were sold by Denver-based
Broe Real Estate Group, which purchased the buildings in 2016.
One Riverwood's tenants include Axley Attorneys and real estate development firm Quadrangle Capstone, among others. Two Riverwood's tenants include law firm Michael Best & Friedrich's Waukesha office, accounting firm Chortek and ClearChoice Dental Implant Center, among others.
Woodside and Broe Real Estate Group did not respond to requests for comment.
