Office v Wisconsin

Podolsky Circle closes $2.7 million office sale in Wisconsin

Podolsky Circle closes $2.7 million office sale,ph01

Podolsky Circle CORFAC International closed the office sale of 5439 Durand Avenue in Racine, Wisconsin.

The Podolsky Circle Middle Market Investment Advisory Team of Alissa Adler, John Homsher and Paul Tesdal represented the seller, Spirit Lake Acquisition II.

The property sold for $2.7 million 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 occupied at the time of the sale.

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.