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Eight-Building Portfolio Sells for $100M

MIDDLETON, WI-T. Wall Properties is increasing its portfolio by 70% with the purchase of an eight-building office park. The portfolio, which totals 912,700 sf, is currently 94% occupied.

By Dana Dubriwny | Updated on May 08, 2006

MIDDLETON, WI-In a move to increase its holdings by 70%, Madison-based T. Wall Properties has acquired an eight-building office portfolio for $100 million. Located on Greenway Boulevard, just off the West Beltline Highway, the purchase includes the 11-story Wisconsin Trade Center, the nine-story Greenway Building, and the six-story Western Tower for a total of 912,700 sf.

The office park is 94% leased with a tenant roster that includes TDS, Humana, Capitol Indemnity Corp., West Bend Mutual and Smith and Gesteland. Timothy Carey, president of Greenway Properties, says the time was right for his company to sell. “The synergy between the portfolio characteristics and the dynamic institutional investment and capital markets has created the opportune time to complete our exit strategy,” Carey says.

Terrance Wall, president of T. Wall Properties, agrees that the time was right; the purchase puts his company “three years ahead of schedule” on its track to becoming a $500-million company. To help fund this acquisition, the company completed a fourth-equity offering at $5 million, which added 48 new investors. The total number of investors today stands at 198. “We also opened a 12% note offering in December, and raised $6.2 million in just two weeks,” Wall adds. The additional capital is now being deployed in various acquisitions and development opportunities, he says.

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