Irgens Development Partners LLC, has acquired Bluemound Crossings, formerly referred to as the Liberty Property Trust Center, in Brookfield.
Located at 16620-16650 Bluemound Road, Bluemound Crossings includes two single-story office/medical buildings totaling 49,062 square feet. A variety of prominent local and national restaurants, as well as retail shopping surround the office center.
"We were able to acquire this asset below reproduction cost. In turn, we've positioned the project to be able to extend this value to prospective tenants by offering competitive lease rates below market. Improvements and upgrades to the building and property will further enhance the appeal of this property," said Jason Luther, vice president of Irgens Development and manager of the Bluemound Crossings acquisition.
Irgens will make renovations throughout the property, including updates to the common area corridors and restrooms, electrical/lighting and HVAC systems to be more energy efficient and to comply with EnergyStar practices. Exterior updates beginning in the spring of 2009 will include significant landscape enhancements, repair to the brick facade and parking lot repair.
Irgens will also apply for Green Globe certification from the Green Building Initiative for the property once renovations are complete.
"Not only is energy management good for the environment but it can produce significant savings for our tenants through lower operating expenses further differentiating our project from competitive available space in the market," Luther said.
Bluemound Crossings' tenants include Ameriprise Financial, Access Endodontics, Sundance Vacations and Wisconsin Laser Eye. Irgens is offering 1,325 to 12,804 square feet of Class A office spaces for lease at the site. For additional information, contact Tim Nelson or Luther at (414) 443-0700. Kevin Armstrong and Kurt Smith from CB Richard Ellis represented the seller.
Irgens buys Bluemond Crossings
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