A national real estate investor has announced the purchase of two retail and office properties in Milwaukee.
Joel J. Gorjian, president and chief executive of Great Neck, New York-based Gorjian Acquisitions, recently acquired the Bradley Square medical/professional services building on North 76th Street as well as the Teutonia Square strip mall on North Teutonia Avenue.“The latest acquisitions bring our national ownership interest portfolio to 60 properties totaling 7 million square feet. These deals were completed as all-cash transactions,” Gorjian said in the release. “We have acquired 27 properties across the United States in the last 12 months and are currently pursuing additional opportunities in the Midwest, Southwest, Southeast, and Northeast.”The two properties were acquired as a portfolio from a private seller, following a 30-day due diligence review and a 30-day closing period, according to a news release. The transactions were valued at $4 million.
The roughly 19,500-square-foot Bradley Square, built in 1985 at 7919-7961 N. 76th St., houses medical and professional services offices, including a State Farm office, a podiatry office, a senior day care and a mortgage office. The building is 86 percent occupied, and Gorjian will market the vacant space to local and national service tenants, particularly those targeting local demographics, according to the release. Through a spokesman, Gorjian said new tenants could include medical and dental services, financial services, cash-checking outlets, attorneys, day cares or other similar businesses. The property has an assessed value of $765,600, according to city records.
The 8,300-square-foot Teutonia Square, built in 1984 at 7311-7321 N. Teutonia Ave., is 100 percent occupied. The property has an assessed value of $276,000, according to city records.
Gorjian is currently searching for more acquisition targets in Wisconsin and throughout the Midwest, the spokesman said. Gorjian focuses on underperforming properties with value-added potential, such as expiring leases with low rents or property owners who have incentive to sell due to financial or personal circumstances. He is looking for acquisitions that offer a minimum of 9.5 percent capitalization rate.Gorjian targets retail, office and medical properties throughout the U.S. Other recent purchases by Gorjian include the Midway Plaza shopping center in Tallmadge, Ohio; the Salem Plaza in Dayton, Ohio; and the State and Mapleton Plaza shopping center in Columbus, Indiana.
Gorjian Acquisitions is a privately held commercial real estate investment and management firm that has ownership interest in 60 properties nationwide, including mixed-use building, shopping centers, medical facilities, multi-family properties and office buildings.
So why is this important? It’s a relatively small deal. i always tell people, “I like properties I don’t see, feel, or touch.” Although I do have one requirement. And that is, that they produce income every month directly to my bank account. I am an owner, manager of many properties, nationwide. To me, the further away they are, the better. The same way this guy bought a 4 million dollar property in another state is the same way I may buy a few houses in another state.
The trick is, real investors have other people managing their properties for them or if they do it themselves, like me, they have other skilled people actually doing the work for them. Management isn’t that hard. All your big real estate investors manage properties nationwide. All they care about is the numbers: the best price, the best terms, etc. In short, they’re buying cashflow and equity. And most don’t care where it is. This article is a great example.
A guy in New York, buying something, in Milwaukee. There’s a good chance the guy never even went to the property. Simply looked at some pictures, checked the leases did his due diligence then pulled the trigger like a big boy is supposed to do. And now you have the end of the story.
About The Author
- Robert Louis Annenberg Is a 40 year seasoned property owner, manager, investor, builder/developer and business man who is also an author of five published books to date (Amazon.com) and the chief editor of LifeQuestJournal.com. He can be reached at: Info@RobertAnnenberg.com and (201) 289-2500.
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