Bielinski Homes sells its HQ office building
The Wisconsin Evangelical Lutheran Synod recently purchased the 32,000-square-foot office building at N16 W23377 Stone Ridge Dr. in Pewaukee, from Bielinski Homes for $2.85 million.
The sale price is significantly lower than the assessed value for the property of $4.2 million, according to Waukesha County records.
A representatives for the Wisconsin Evangelical Lutheran Synod could not be reached for comment.
Bielinski plans to move its headquarters another location in Pewaukee, said Paul Bielinski, chief operating officer of Bielinski Homes.
"(The new location) will give us a better street presence," he said. "We found a new location that better suits our needs today."
RFP Commercial brokers Bob Flood and Scott Revolinski represented Bielinski Homes in brokering the transaction.
Bielinski Homes is the only tenant in the building and currently occupies about half of the building, said Jenna Johnson, marketing coordinator for RFP Commercial.
Wisconsin Evangelical Lutheran Synod’s offices are currently located at 2929 N. Mayfair Road, Wauwatosa.
Bielinski Homes and other home builders have been adversely affected by the downturn in the housing market. Last year housing starts were down 71.3 percent from the market’s peak in 2004.
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