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APPLETON, WI-White Cap Real Estate, which specializes in TIC purchases, has bought the 37,356-square-foot office building at 2801 E. Enterprise Ave. The company did not divulge the purchase price, but company president Jason Punzel says his firm typically buys buildings in the $5 million to $15 million range. Alliance Development was the seller.

The 1-year-old building is 100% leased, to tenants Rockwell Automation, BC Ziegler and Larson Engineering. “Rockwell has 80% of the first floor, and Larson has all of the second floor,” Punzel says.

He says the building is attractive on many levels. “It’s new, all stone and brick, and right on Interstate Highway 41,” Punzel says. “It’s harder to purchase today, so you want to look for quality tenants, but also a good building in case they leave and you have to fill up space again.”

The company has been in a buying phase, trying to pick up deals in this down economy. The firm planned for market conditions, with a long-term strategy to focus on smaller markets that have the potential for continued growth and the ability to work with local, community banks, instead of large real estate investment companies, says Punzel. “This is our fifth commercial building this year,” he says.

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