Madison-based Sara Investment Real Estate LLC purchased two West Allis office buildings totaling 121,388 square feet for $8 million.
The properties, Lincoln Center II and III, are a pair of three-story multi-tenant office buildings located between Lincoln and National avenues.
The buildings were more than 87 percent occupied at the time of the sale. Tenants include Verizon, Acuity, Cognex and Eye Care Specialists.
Eric Rapp and Patrick Gallagher in CBRE’s Milwaukee office and Judd Welliver in Minneapolis represented the seller, Somerset Properties, a Pennsylvania-based real estate investment firm.
Lincoln Center II is located on a three-acre site at 2514 S. 102nd Street. Lincoln Center III is located directly south of Lincoln Center II at 10150 W. National Avenue.
The vacancy rate for the West Allis office submarket was 6.7 percent at the end of 2016, according to CBRE Research.
“With strong national tenants in an area with some of the lowest office vacancy rates, the Lincoln Center II and III sale demonstrates healthy investor interest in the Milwaukee suburbs, which we expect to continue in 2017,” Rapp said.
