Retail v Wisconsin

New York investor buys two Milwaukee retail properties

New York investor buys two Milwaukee retail properties,ph1
Bradley Square, 7919-7961 N. 76th Street, Milwaukee.

Joel J. Gorjian, president and CEO of Great Neck, New York-based Gorjian Acquisitions, has purchased two retail and office properties located in Wisconsin. The acquired properties include the Bradley Square professional services and medical center and Teutonia Square neighborhood shopping strip mall, both in Milwaukee.

“These latest acquisitions bring our national ownership interest portfolio to 60 properties totaling 7 million square feet. The four deals were completed as all-cash transactions,” said Gorjian. “We have acquired 27 properties across the United States in the last 12 months and are currently pursuing additional opportunities in the Midwest, Southwest, Southeast and Northeast.”

The two Milwaukee properties were acquired as a portfolio from a private seller, following a 30-day due diligence review and a 30-day closing period. The freestanding, 19,545-square foot Bradley Square houses medical and professional services offices, including a State Farm insurance office, a podiatry office, a senior day care and a mortgage office. The building is 86 percent occupied and located at 7919-7961 N. 76th Street.

The 100-percent-occupied, 8,303-square foot Teutonia Square strip mall at 7311-7321 N. Teutonia Avenue is situated north of West Good Hope Road, at the Southwest corner of Teutonia and West Clinton Avenues in Milwaukee’s Tripou Park section, between popular Brown Deer and University Club of Milwaukee golf courses and parks.

Gorjian Acquisitions is a privately held commercial real estate investment and management firm with a portfolio that includes Hollywood Center in Jackson, Tennessee; Northfield Miles Plaza in North Randall, Ohio; Ridge Plaza in Gary, Indiana, as well as Matteson Town Center and the Marketplace of Matteson, both in Matteson, Illinois. Other recent Midwest purchases include the Midway Plaza shopping center in Tallmadge, Ohio; the Salem Plaza in Dayton, Ohio; 6500 St. Claire Avenue, a single-tenant retail property in Cleveland and the State and Mapleton Plaza neighborhood shopping center in Columbus, Indiana.