(To read more on the TIC market, click here.)

MILWAUKEE-The Geneva Organization has acquired the 448,954-sf Honey Creek Corporate Center here for $75 million. The Minneapolis-based real estate investor and TIC sponsor plans to flip a 90% interest in the four-building suburban office campus to individual investors, most of whom likely will be using 1031-exchange dollars.

The seller, Opus Group, developed the low-rise Honey Creek Corporate Center in phases between 1998 and 2002. The buildings are located on South 84th Street and at 9000 W. Chester St., north of Interstate 94 and State Fair Park. The 26-acre property’s three-story buildings are 94% leased on average to about four dozen tenants. The largest tenants include Virchow Kraus & Co.(47,088 sf); Graef, Anhalt, Schloemer & Associates (36,395 sf); Onyx Waste Services (16,182 sf), AT&T Wireless (16,364 sf), New York Life Insurance (12,248 sf) and Hartford Insurance (8,530 sf).

“It’s probably the newest product in the Milwaukee market,” he says. The current triple-net asking rate for vacant space is market rate, which is approximately $14.65 per sf per month.

The Geneva Organization is one of two TIC sponsors in the country that have a private letter ruling from the IRS ratifying its operations. The company is 100% owned by Duane Lund.

Lund tells GlobeSt.com that the company has acquired $500 million worth of diversified assets throughout the Midwest, and has flipped a majority interest in most of them to TIC buyers in 28 separate transactions. His company then manages the assets for itself and its clients.

“We maintain an ownership stake,” he says. “That’s one reason why we have a private letter ruling.”

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