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| Tim Blum |
CHICAGO, IL and MILWAUKEE,
WI (August 3, 2015) — A joint real estate fund formed by commercial mortgage
lending specialists Innovative Capital Advisors (ICA) and Chicago-based HSA
Commercial Real Estate, a full-service real estate firm, has closed on the
acquisition of the 114,000-square-foot Wauwatosa
Business Plaza industrial building
located at 3031 N. 114th St. in Wauwatosa, Wis.
The high-clear warehouse facility is adjacent
to the former Schwaab stamp factory that was purchased by the same partnership
earlier this year.
The Wauwatosa Business
Plaza is currently 50 percent occupied by warehousing tenants including a
Habitat for Humanity ReStore donation center and resale shop.
Given the
existing tenancies at the property, HSA Commercial and ICA do not have any
immediate redevelopment plans.
“With the success of The
Mayfair Collection and the continued transformation of Burleigh Street from a
lifeless industrial corridor to a vibrant mixed-use district, our newly
acquired properties represent strategically significant touchpoints that will
define perceptions of this area for visitors and future residents,” said Tim Blum, executive vice president with
HSA Commercial.
“For that reason, we need
to ensure that these assets are managed over the long term such that they
contribute to the city’s ambitious vision for The District.”
James
T. Barry III, J.D, CCIM; Kevin Barry,
CCIM; and David Barry, CCIM, SIOR of
DTZ Barry represented the seller of the Wauwatosa Business Plaza in the
transaction.
For a complete copy of the
company’s news release, please contact:
Abe Tekippe, atekippe@taylorjohnson.com, 312-267-4528
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