Middle Market Investment Team Represents Seller in the Disposition of Racine Office Property
Podolsky Circle Represents Seller in the Disposition of Racine, WI Office Property
Podolsky Circle CORFAC International is pleased is pleased to announce the sale of 5439 Durand Avenue in Racine, Wisconsin. The Podolsky Circle Middle Market Investment Advisory Team comprised of Managing Principal Alissa Adler, Principal John Homsher, CCIM, and Senior Vice President Paul Tesdal, represented the seller, Spirit Lake Acquisition II, LLC, in the disposition. The property sold for $2,700,000 to Gateway Investment Partners.
5439 Durand Avenue is a 31,638 square foot, two-story, multi-tenant office building. Built in 2002, the property is located 30 miles south of Milwaukee in Racine, across from Regency Mall. 5439 Durand Avenue offers high-visibility and easy access to I-94 and Green Bay Road.
“The property was 85 percent leased at the time of the sale and provides the buyer a coveted value-add play supported by strong cash flows,” said Tesdal. 5439 Durand Avenue is part of a larger portfolio owned by Spirit Lake Acquisition II, LLC, that is currently being marketed by the Podolsky Circle Middle Market Investment Advisory Team. “Our client will continue to cycle out of that portfolio as Spirit Lake’s strategies diverge from this market,” Tesdal added.
5439 Durand Avenue is currently leased to a mix of local and regional tenants including Associated Bank, Advanced Medical Imaging, CleanSlate Medical Group of Wisconsin and Habush, Habush & Rottier. The buyer will be instituting a capital program to upgrade and enhance the common areas, restrooms, parking lot, signage and landscaping.