MILWAUKEE - Goodwill Industries of Southeastern Wisconsin recently purchased a 21,021 square foot retail facility located at 18605 W. Bluemound Road, Brookfield, Wis. from Springfield Holdings, LLC. Office Max is currently leasing the building.
David L. Barry of Cassidy Turley Barry represented Springfield Holdings, LLC in the transaction.
The transaction was not a typical owner-user sale. Goodwill Industries will wait out Office Max’s lease, which will be a minimum of two years unless the company wants out sooner, before moving in.
“It was a great opportunity for Goodwill to enter the Bluemound Road market and, somewhat unconventionally, invest in a property with an upcoming lease expiration rather than buy vacant or build,” said Barry. “The income stream for the next two years can be considered a buyer credit to the purchase price.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services with local Milwaukee market leader Cassidy Turley Barry. Cassidy Turley Barry is the winner of five consecutive Deal of the Year awards from the Commercial Association of Realtors-Wisconsin (2008-2012), three consecutive Best Deal/Lease of the Year awards from The Business Journal (2009-2011) and was awarded the 2010 Brokers of the Year honor by Riverworks Development Corporation.