NEW BERLIN, WI-Affiliates of Angelo, Gordon & Co. have purchased the flex building here used by Buyseasons Inc. as its headquarters for $30 million. The building, with about 60,000-square-feet of office, is being expanded to a total of about 500,000 square feet.
The tenant recently signed for a 15-year lease of the building, located on 27 acres at 5915 S. Moorland Rd. here just south of Interstate 43 and Rock Freeway. The building is standalone, but is near the Westridge Business Park and the New Berlin Industrial Park. Buyseasons is an online costume and party supplies company.
Brett Butler, associate director at the Stan Johnson Co., represented the seller and builder of the property, Milwaukee-based Willow Tree Development, in the sale. He tells GlobeSt.com that he’s seen a lot of national buyers looking for strong-credit tenanted properties for sale.
“We fortunately haven’t seen any slowdown in demand due to the recent slowdown,” Butler says. “The CMBS marketed has been somewhat affected, and we’ve seen some repricing on those deals, but the life companies and banks are still pretty aggressive. The guys we’ve been dealing with have been all-cash buyers.”
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