Home Industries Real Estate Texas firm buys two Pewaukee office buildings for $11 million

Texas firm buys two Pewaukee office buildings for $11 million

One Riverwood. Image from LoopNet

A pair of office buildings in Pewaukee, totaling about 200,000 square feet, have been purchased by a Texas investor for $11.25 million, according to state records. One Riverwood and Two Riverwood, located in the Riverwood Corporate Center near the intersection of Highway 164 and I-94, were purchased by Fort Worth, Texas-based Woodside. Woodside “seeks to

Already a subscriber? Log in

To continue reading this article ...

Subscribe to BizTimes today and get immediate access to our Insider-only content and much more.

Learn More and Subscribe Now
Hunter covers commercial and residential real estate for BizTimes. He previously wrote for the Waukesha Freeman and Milwaukee Journal Sentinel. A graduate of UW-Milwaukee, with a degree in journalism and urban studies, he was news editor of the UWM Post. He has received awards from the Milwaukee Press Club and Wisconsin Newspaper Association. Hunter likes cooking, gardening and 2000s girly pop.
A pair of office buildings in Pewaukee, totaling about 200,000 square feet, have been purchased by a Texas investor for $11.25 million, according to state records. One Riverwood and Two Riverwood, located in the Riverwood Corporate Center near the intersection of Highway 164 and I-94, were purchased by Fort Worth, Texas-based Woodside. Woodside "seeks to add value by acquiring attractive assets at deep discounts, managing the value-add process, and selling each stabilized asset to traditional real estate buyers," the firm's website says. The firm targets office, industrial and retail properties that are 40% to 80% occupied. One Riverwood, located at N17 W24222 Riverwood Drive, is about 66% occupied and Two Riverwood, located at N19 W24133 Riverwood Drive, is about 60% occupied, according to documents from Colliers, which markets the properties. According to Waukesha County records the two buildings have a combined assessed value of $22 million, far above the $11.25 million they Woodside paid to buy them. The buildings, built in 1999 and 2001, were sold by Denver-based Broe Real Estate Group, which purchased the buildings in 2016. One Riverwood's tenants include Axley Attorneys and real estate development firm Quadrangle Capstone, among others. Two Riverwood's tenants include law firm Michael Best & Friedrich's Waukesha office, accounting firm Chortek and ClearChoice Dental Implant Center, among others. Woodside and Broe Real Estate Group did not respond to requests for comment.

Stay up-to-date with our free email newsletter

Keep up with the issues, companies and people that matter most to business in the Milwaukee metro area.

By subscribing you agree to our privacy policy.

No, thank you.
Exit mobile version