Chicago & Midwest + Midwest + Office | April 30, 2018

Multi-Tenant Office Asset Trades in Racine

A 31,638-square-foot, multi-tenant office building at 5439 Durand Ave. in Racine, WI has traded to Gateway Investment Partners for $2.7 million. A Podolsky Circle CORFAC International team of Alissa Adler, John Homsher and Paul Tesdal represented the seller, Spirit Lake Acquisition II LLC.

“The property was 85% leased at the time of the sale, and provides the buyer a coveted value-add play supported by strong cash flows,” said Tesdal. 5439 Durand is part of a larger portfolio owned by Spirit Lake Acquisition II that’s being marketed by Podolsky Circle.

Built in 2002, 5439 Durand is currently leased to a mix of local and regional tenants, including Associated Bank, Advanced Medical Imaging, CleanSlate Medical Group of Wisconsin and Habush, Habush & Rottier. Gateway plans to implement a capital program to upgrade and enhance the common areas, restrooms, parking lot, signage and landscaping.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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