High Ridge Office Center, Pewaukee, WI – This Class A two-story 35,000+ square foot multi tenant office building was originally developed by a technology company entrepreneur during the teach boom. Growth projections were not hit and Metropolitan acquired the property as a modified sale-leaseback. After acquisition, Metropolitan updated the common areas, secured additional anchor tenants, and renegotiated several other leases to stabilize tenancy.
Purchase Price: $3,050,000
Sale Price: $4,500,000
Cambridge Terrace Condominiums, Milwaukee, WI – This 44-unit 3-story with lower level parking garage apartment building located at 2121 N. Cambridge Avenue in Milwaukee, Wisconsin was purchased for conversion to condos. Units sold for a range of $114,900 to $139,900.
Purchase Price: $4,626,000
Sale Price: $5,410,000
Lincoln Avenue Business Center, West Allis, WI – This 25,000+ square foot, multi-tenant “flex building” was located in the West Allis Business Park. Metropolitan purchased the property well below replacement cost and stabilized the property and re-negotiated leases to 100% occupancy.
Purchase Price: $1,330,000
Sale Price: $1,810,000
Festival Foods Grocery Store, Eau Claire, WI – This property was bought from the contractor who built it. A existing lease was in place and it was a pure cash flow play. The tenants credit was very strong and some of the investors had 1031 proceeds so this was structured as a TIC deal (tenant-in-common) to effectuate the trades.
Purchase Price: $8,100,000
Sale Price: $9,000,000
Summit Office Building, Milwaukee – This two-story, 19,794+ square foot office building with attached garage located on Milwaukee’s lower eastside was acquired as a value add play. The property was subsequently flipped to a different type of investors who just wanted to enjoy the cash flow of a fully stabilized building.
Purchase Price: $1,275,000
Sale Price: $1,690,000
19000 W. Edison Drive, Germantown, WI –This 43,360+ masonry, multi-tenant flex building was located in the Germantown Industrial Park, Germantown, WI. Metropolitan Group acquired this property well below intrinsic value at $33.50 p.s.f. Metropolitan leased the remaining vacant space. The property purchase included a 1-acre parcel that was split off and sold separately.
Purchase Price: $1,450,000
Sale Price: $1,825,000