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BROOKFIELD, WI-Decade Properties Inc., a private investment group based in Waukesha, has purchased a two-building, low-rise office portfolio from Capital Partners, which represented a state pension fund in the ownership, for $13.5 million. The properties include the 83,810-sf Crossroads Corporate Center I at 20900 Swenson Dr. and the 71,290-sf, three-story building at 330 Executive Dr.

The Crossroads building is the most unusual, as it’s a single-story property that formerly served as office showroom space, says James I. Clark III, managing principal with EnTrust Realty Advisors LLC. EnTrust represented Capital Partners in the sale. “Crossroads even has dock doors, though the spaces tend to only be used as office. One of the major tenants is Chicago Title,” Clark tells GlobeSt.com. The property was built in 1987 at the corner of US-18 and I-94. Tenants at the 21-year-old 330 Executive Dr. include FedEx, New England Financial and T.E. Brennan.

He says the area has just picked up for office space. He says it’s recognized as Milwaukee’s top suburban market for business location, with the Brookfield/Waukesha submarket comprising about 26%, or 8.3 million sf, of the area’s total office market.The properties are doing so-so, he says. Crossroads is 81% occupied and averaging rents in the $11 per sf net, and the other building is 70% occupied with rents at $17 gross, Clark says. The cap rate for the sale was, on a blended basis, in the low 8% range, he says.

The sellers had held the properties for about 20 years, Clark says, and wanted to go on to larger deals and their core markets. However, he says he was surprised at the demand. “We had an interest from a wide range of investors, from local players to funds on the East and West coast,” Clark says. “The appetite for value opportunities is attractive in the secondary markets.” He did not comment on whether Decade plans any renovations for the properties.

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