Milwaukee, WI – CBRE announced Irgens sold United Heartland’s 56,014 SF building at 15200 West Small Road in New Berlin, WI to Oak Street Real Estate Capital for $12.8 million. The building is 100% occupied and leased for the next 11 years.
The class-A build-to-suit suburban office headquarter building on 8.49 acres was completed in late 2009 and is located 15 miles from downtown Milwaukee. The two-floor building features a cafeteria, training facility, conference rooms and 280 parking spaces.
“Investor appetite remains incredibly strong for high quality properties leased long term to credit tenants providing investors with a stable and secure source of income” said CBRE Senior Vice President Andrew Sandquist regarding the transaction.
CBRE Milwaukee Executive Vice President Bill Bonifas represented United Heartland in the original build-to-suit negotiations in 2009. Bill Bonifas partnered with Andrew Sandquist from CBRE’s Net Leased Property Group to represent Irgens in the 2013 sale of the property.
“It was an honor to work with United Heartland and Irgens to develop a building of this quality and I am equally pleased to have worked with Irgens’ great team and with Andy Sandquist who ran the sale process flawlessly” stated Bill.
“We are glad the highest quality net leased institutional buyer who will maintain the existing positive tenant-owner relationship purchased the property and that Irgens will continue with property management of the asset,” said Dave Merrick, Vice President, Milwaukee Market Manager, Irgens.
Irgens is a full-service healthcare and commercial real estate developer that provides comprehensive, creative and results-oriented development and property management services to clients throughout the United States. The firm served as owner, investor, developer and property manager for 15200 West Small Road.
Oak Street Real Estate Capital, LLC is a private equity real estate firm based in Chicago, Illinois. Oak Street manages both commingled funds and separate accounts on behalf of institutional and high net worth investors, including public and corporate pension plans, insurance companies, family offices and trusts.
United Heartland is a large account specialist in workers’ compensation with expertise in the core segments of health care, manufacturing, nonprofits, nursing homes, schools/colleges, social services, transportation and wholesale/retail.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com