The Crossroads building is the most unusual, as it's asingle-story property that formerly served as office showroomspace, says James I. Clark III, managing principal with EnTrustRealty Advisors LLC. EnTrust represented Capital Partners in thesale. "Crossroads even has dock doors, though the spaces tend toonly be used as office. One of the major tenants is Chicago Title,"Clark tells The property was built in 1987 at thecorner of US-18 and I-94. Tenants at the 21-year-old 330 ExecutiveDr. include FedEx, New England Financial and T.E. Brennan.


He says the area has just picked up for office space. He saysit's recognized as Milwaukee's top suburban market for businesslocation, with the Brookfield/Waukesha submarket comprising about26%, or 8.3 million sf, of the area's total office market.Theproperties are doing so-so, he says. Crossroads is 81% occupied andaveraging rents in the $11 per sf net, and the other building is70% occupied with rents at $17 gross, Clark says. The cap rate forthe sale was, on a blended basis, in the low 8% range, he says.


The sellers had held the properties for about 20 years, Clarksays, and wanted to go on to larger deals and their core markets.However, he says he was surprised at the demand. "We had aninterest from a wide range of investors, from local players tofunds on the East and West coast," Clark says. "The appetite forvalue opportunities is attractive in the secondary markets." He didnot comment on whether Decade plans any renovations for theproperties.

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