Madison-based Sara Investment Real Estate, which owns and operates over 50 retail, office and industrial properties throughout Wisconsin, has purchased its first Milwaukee-area property: a 20,000-square-foot retail center in the Village of Pewaukee.
Sara paid $2.9 million for Pewaukee Commons, 1275 Capitol Drive, which includes Buffalo Wild Wings and Five Guys Burgers and Fries restaurants.
The vacancy rate is 52%, but Sara has a signed letter of intent for a 5,450-square-foot tenant, said Lynn Marcello, director, strategic partnerships. That tenant, which Marcello declined to name, would reduce the vacancy rate to 23%.
Sara bought the property from Madison-based Anchor Bank, which acquired it through foreclosure, and is seeking to buy other distressed properties, Marcello said.