Squires III Office Center | Milwaukee MSA | N19 W24075 Riverwood Dr
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Squires III Office Center | Milwaukee MSA N19 W24075 Riverwood Dr
50,536 SF 83% Leased Office Building Online Auction Sale Waukesha, WI 53188
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Investment Highlights
- Incredibly positioned 50,536-SF multi-tenant office building situated in the sought-after western suburbs of the Milwaukee MSA.
- Rare opportunity to acquire a stabilized asset with a 4 year WALT and the ability to add value through continued lease renewals and lease-ups.
- Exceptionally located in Lake Country, within a 5-mile radius of a densely populated area boasting a generous average household income of $106,144.
- Early 10-year lease renewal just executed by anchor tenant T-Mobile Waukesha Switch, providing service to the entire state of Wisconsin.
- Premium corner lot along Highway 45 with visibility to nearly 26,000 VPD, located half a mile from major thoroughfare I-94 and boasting 114,000 VPD.
- Surrounded by alike businesses in the office park, including renowned tenants ProHealth Care, UW Health, Blue Cross Blue Shield, Humana and more.
Executive Summary
Property tours are available by appointment only. Please contact Tom Shepherd at (414) 278-6815 or email them at tom.shepherd@colliers.com to schedule.
Colliers is pleased to offer qualified investors the opportunity to acquire a multi-tenant, value-add office and mobile switching center located in the west suburbs of the Milwaukee MSA. Squires III Office Center totals 50,536 square feet and is 82.5% leased to eight tenants. New 50 Ton HVAC units in place. The building is anchored by T-Mobile Waukesha Switch, which has utilized its space since 2000 to operate a switch room, battery room, and control room serving as the main connection for Wisconsin. T-Mobile just executed an early 10-year renewal, pushing their lease expiration to December 2035 and reinforcing the mission-critical importance of this location. Additional tenants in the building represent the medical (plastic surgery), financial, insurance, and legal industries. The weighted average tenant tenure is nearly 15 years, demonstrating the long-term commitments of numerous tenants.
Squires III boasts premier visibility from Highway 45 and is located half a mile north of the Interstate 94 interchange, seeing 114,000 vehicles per day within the highly desirable Lake Country area of Metro Milwaukee. This 5-mile radius surrounds about 120,000 residents who produce an impressive average household income of more than $106,100.
Squires III sits within the well-appointed Riverwood Corporate Center at N19 W24075 Riverwood Drive in Waukesha, Wisconsin. This park is home to prominent tenants including the ProHealth Care Corporate Headquarters, the brand-new state-of-the-art UW Cancer Center at ProHealth Care, Blue Cross Blue Shield, Humana, Baird, Merrill Lynch, ClearChoice Dental Implant Center, and Dover Corporation.
Squires III offers the investor a rare opportunity to acquire a mission-critical building with a staggered rent roll boasting a weighted average lease term of four years and the ability to add value through continued lease renewals and lease-up of the existing vacancies.
Colliers is pleased to offer qualified investors the opportunity to acquire a multi-tenant, value-add office and mobile switching center located in the west suburbs of the Milwaukee MSA. Squires III Office Center totals 50,536 square feet and is 82.5% leased to eight tenants. New 50 Ton HVAC units in place. The building is anchored by T-Mobile Waukesha Switch, which has utilized its space since 2000 to operate a switch room, battery room, and control room serving as the main connection for Wisconsin. T-Mobile just executed an early 10-year renewal, pushing their lease expiration to December 2035 and reinforcing the mission-critical importance of this location. Additional tenants in the building represent the medical (plastic surgery), financial, insurance, and legal industries. The weighted average tenant tenure is nearly 15 years, demonstrating the long-term commitments of numerous tenants.
Squires III boasts premier visibility from Highway 45 and is located half a mile north of the Interstate 94 interchange, seeing 114,000 vehicles per day within the highly desirable Lake Country area of Metro Milwaukee. This 5-mile radius surrounds about 120,000 residents who produce an impressive average household income of more than $106,100.
Squires III sits within the well-appointed Riverwood Corporate Center at N19 W24075 Riverwood Drive in Waukesha, Wisconsin. This park is home to prominent tenants including the ProHealth Care Corporate Headquarters, the brand-new state-of-the-art UW Cancer Center at ProHealth Care, Blue Cross Blue Shield, Humana, Baird, Merrill Lynch, ClearChoice Dental Implant Center, and Dover Corporation.
Squires III offers the investor a rare opportunity to acquire a mission-critical building with a staggered rent roll boasting a weighted average lease term of four years and the ability to add value through continued lease renewals and lease-up of the existing vacancies.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Milwaukee - WI USA
Market Cap Rate
Milwaukee - WI USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
50,536 SF
Building Class
B
Year Built
1999
Percent Leased
83%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
16,845 SF
Slab To Slab
13’
Building FAR
0.29
Land Acres
3.97 AC
Zoning
B-4 Office District
Parking
184 Spaces (3.64 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
Tenant is responsible for separately metered electric
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 110 | 5,925 SF | Office | Partial Build-Out | Jan 2026 |
| 1st Fl-Ste 150 | 2,916 SF | Office | Partial Build-Out | Jan 2026 |
| 2nd Fl-Ste 202 | 2,121 SF | Office | Partial Build-Out | Now |
| 2nd Fl-Ste 210 | 1,299 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 218 | 1,427 SF | Office | Partial Build-Out | Now |
| 2nd Fl-Ste 220 | 1,477 SF | Office | Partial Build-Out | Now |
| 3rd Fl-Ste 312 | 1,031 SF | Office | Full Build-Out | Now |
1st Fl-Ste 110
| Size |
| 5,925 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Jan 2026 |
1st Fl-Ste 150
| Size |
| 2,916 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Jan 2026 |
2nd Fl-Ste 202
| Size |
| 2,121 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
2nd Fl-Ste 210
| Size |
| 1,299 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 218
| Size |
| 1,427 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
2nd Fl-Ste 220
| Size |
| 1,477 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
3rd Fl-Ste 312
| Size |
| 1,031 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Fl-Ste 110
| Size | 5,925 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Jan 2026 |
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Fl-Ste 150
| Size | 2,916 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Jan 2026 |
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
1 of 1
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 202
| Size | 2,121 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
1 of 1
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 210
| Size | 1,299 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
1 of 1
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 218
| Size | 1,427 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
1 of 1
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 220
| Size | 1,477 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
Professional Class A office three-story multi-tenant. Property features ample surface parking, common conference room and strong, local ownership and management.
1 of 1
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3rd Fl-Ste 312
| Size | 1,031 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Tenant is responsible for separately metered electric
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DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
1,819
45,811
119,896
2020 Population
2,085
44,715
114,885
2029 Population
1,814
47,192
123,915
2024-2029 Projected Population Growth
-0.3%
3.0%
3.4%
Daytime Employees
7,775
54,624
95,323
Total Businesses
553
4,255
8,098
Average Household Income
$115,675
$97,328
$106,144
Median Household Income
$78,977
$77,371
$82,146
Total Consumer Spending
$28.9M
$623.6M
$1.7B
Median Age
47.6
41.4
41.6
2024 Households
924
19,969
50,978
Percent College Degree or Above
28%
28%
29%
Average Home Value
$317,873
$340,975
$361,193
zoning
| Zoning Code | B-4 Office District |
| B-4 Office District |
PROPERTY TAXES
| Parcel Number | PWC-0949-998-010 | Improvements Assessment | $5,051,700 |
| Land Assessment | $715,400 | Total Assessment | $5,767,100 |
PROPERTY TAXES
Parcel Number
PWC-0949-998-010
Land Assessment
$715,400
Improvements Assessment
$5,051,700
Total Assessment
$5,767,100
Sale Advisors
Sale Advisors
Tom Shepherd, Partner
(414) 278-6815
Contact
Tom is a Partner at Colliers International | Wisconsin and he is the leader and the founder of the firm’s Wisconsin Investment Services Team. Tom has over twenty-one years of commercial real estate experience. His work focuses on advising institutional investors and private clients on strategies to maximize their real estate value. He is a perennial top producer in the Wisconsin office and he’s earned numerous industry awards for closing the largest investment sales in the market. In 2016 & 2019, Tom earned Colliers’ prestigious Everest Club award for top producers. The Everest Club recognizes the top 10% of Colliers’ brokers in the Americas.
In addition to being a company leader, Tom is also a leader in the southeastern Wisconsin business community. For seven years he served on the board of directors for the Commercial Association of REALTORS Wisconsin (CARW), and in 2014 he was elected Chairman of the organization. Currently, he is a mentor in the NAIOP Wisconsin Chapter and he is actively involved in several local and global non-profits. Tom resides in Elm Grove with his wife and children.
PROFESSIONAL ACCOMPLISHMENTS
In addition to being a company leader, Tom is also a leader in the southeastern Wisconsin business community. For seven years he served on the board of directors for the Commercial Association of REALTORS Wisconsin (CARW), and in 2014 he was elected Chairman of the organization. Currently, he is a mentor in the NAIOP Wisconsin Chapter and he is actively involved in several local and global non-profits. Tom resides in Elm Grove with his wife and children.
PROFESSIONAL ACCOMPLISHMENTS
- 2016 & 2019 Colliers International Everest Club
- 2014 “40 Under 40” Award – Milwaukee Business Journal
- 2014 Installed as Chairman of CARW
- 2008, 2009, 2010, 2012, 2014, 2017, and 2018 – Awarded the Investment Sale of the Year by CARW
2006 Promoted to Partner
Jennifer Huber-Bullock, Senior Investment Analyst
(414) 278-6867
Contact
As an Investment Analyst, Jennifer plays a role in the sale process of investment real estate from start to finish. Some of her main duties include producing broker opinion of values, ARGUS DCF modeling and analyses, creating offering memorandums and teasers, investor research, and coordinating due diligence. In addition, Jennifer is also responsible for tracking cap rate data and sales comparables as well as creating quarterly investment market reports, investment updates, and property-specific marketing pieces. Jennifer has a strong history of finance, marketing and real estate. Her organizational skills, strong work ethic and past experience with commercial real estate make her a huge asset to the Investment Sales team.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Derek Rudd
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 937838-91 Ten-X Auction Firm 481-53 Samantha Corbat Auctioneer 4028-52
-
Power Broker Tom Shepherd -
Jennifer Huber-Bullock -
Colliers
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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