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CHICAGO-HSA Commercial Real Estate and Morgan Realty Partners have teamed up to buy TIAA/CREF’s 10-building, 717,717-sf Brown Deer Business Park in suburban Milwaukee, which for the former company is the second large deal north of the state line this year. HSA Commercial Real Estate acquired a 195,000-sf industrial building in Glendale, another north suburb of Milwaukee.

The joint venture paid more than $25 million for the Milwaukee area’s first mixed-use business park, located just west of I-43 at the intersection of Brown Deer and Green Bay roads. A $6-million renovation helped TIAA/CREF capture the local BOMA Office Building of the Year award in 2001 and 2002.

“The acquisition of Brown Deer Business Park gives HSA instant recognition in the Milwaukee commercial real estate community,” says vice chairman and chief executive officer Robert E. Smietana, whose company was recently ranked the 18th largest industrial property owner in the US. “The strong tenant retention and replacement history demonstrates the desirability of the Brown Deer location and creates all the components of success that meet HSA’s acquisition criteria.”

The Polacheck Co. executive vice president Bill Bonifas and a CB Richard Ellis team represented TIAA/CREF in negotiations with David Lange CCIM, vice president of Brookfield, WI-based Apex Commercial, Inc.

HSA Commercial Real Estate general manager Dion Watton will lead a new on-site management team. However, the Polacheck Co.’s Roger Siegel and Scott Frumaski are being kept on as leasing agents.

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