Somerset Properties Trades Milwaukee Office Portfolio
The six assets, which contain nearly 400,000 square feet, sold for close to $38 million. The seller purchased the buildings in 2012 as part of a $195 million portfolio deal.
Felton Properties has acquired a six-building, 391,051-square-foot Class A and B office portfolio from Somerset Properties for $37.8 million, according to Yardi Matrix. Three of the assets are part of the Crossroads Corporate Center in Waukesha, Wis., while the other three are at Park Place in Milwaukee.
Somerset had purchased the six properties as part of a $195 million, 2.3 million-square-foot deal from Liberty Property Trust in 2012. The firm owns six other buildings totaling 287,000 in Park Place, per data from Yardi Matrix.
Felton’s acquisitions at Crossroads Corporate Center are located at 20825, 20935 and 20975 Swenson Drive. Close to the intersection of Interstate 94 and U.S. Highway 18, the properties are roughly 14 miles west of downtown Milwaukee. The assets are 24.5 percent vacant, per Yardi Matrix data, and the buildings’ tenants include Chicago Title, Robert Half and Morgan Stanley.
The Park Place assets are positioned alongside Interstate 41, 11 miles northwest of the city center. A number of retailers and hotels operate in the immediate area of the buildings, which are occupied by a number of tenants including Kohl’s, DentaQuest and Concentrix.
In March 2018, Somerset Properties, represented by HFF, sold an office portfolio in New Jersey. The four buildings changed hands for more than $31 million.
Images courtesy of Yardi Matrix
