Madison-based Sara Investment Real Estate announced that it has acquired most of The Tannery, a multi-building office complex at 700 W. Virginia St. in Milwaukee’s Walker’s Point neighborhood.
“We are very excited to add this property to our portfolio and look forward to increasing our presence in the southeastern Wisconsin market,” said Sara Investment executive vice president Traci Dalsin.
The sale price was not disclosed.
Formerly a Pfister & Vogel Leather Company tannery, the campus was redeveloped into an office complex during the 1990s.
The deal includes the Trade Center, Timbers, Atlas, Great Lakes Distillery and Juto restaurant buildings. The five buildings have a total of 243,472 square feet of space. The Aurora Health Care corporate headquarters building was not part of the deal.
Tenants in the buildings that were sold to Sara Investment Real Estate include M.E. Dey & Co., Core Creative Inc., Lutheran Social Services and Interfaith Older Adult Programs.
Ben Adank, Scott Revolinski and Ned Purtell of RFP Commercial brokered the deal for the Sara Investment Real Estate and the seller, LCM Funds 20 LLC (a group of local investors).
The Tannery buildings acquired by Sara Investment Real Estate are 89 percent occupied.
“The buildings are predominantly leased,” Adank said. “There’s not a lot of vacancy there any more.”
(Information adapted from the BizTimes article on October 31, 2014)