The 30-story 411 Building on Wisconsin Avenue in downtown Milwaukee has been sold to an affiliate of Middleton Partners, a real estate investment firm based in Northbrook, Illinois, for an undisclosed amount, according to a news release today.
CBRE, Inc. acted as the seller’s broker for the transaction.
The 693,000-square-foot office tower at 411 E. Wisconsin Ave. was built in 1987 and has been owned by Stamford, Conn.-based Five Mile Capital Partners LLC and managed by its affiliate, Chicago-based Riverview Realty Partners since 2014. The company bought the building for $74.3 million and has invested $17.3 million in the building since it purchased the property, upgrading the building’s elevator systems, HVAC system, lobby, roof and adjacent parking structures.
The building is currently assessed at $92.4 million, according to city records.
The property was 76 percent leased when it was acquired by Five Mile Capital in 2014. Today occupancy is at 89 percent and tenant leases have been extended, said Jeffrey Patterson, Riverview Realty Partners’ president and CEO.
In the last year, the downtown Milwaukee market has seen several large office buildings change hands. In June 2016, the The Chase Tower, a 22-story office building at 111 E. Wisconsin Ave. in downtown Milwaukee, sold for $30.5 million to a Southfield, Mich.-based real estate investment group. The building is currently undergoing renovations. Last month, Chicago-based real estate investment firm Bentall Kennedy and Warba Bank, a Kuwaiti public shareholding company, paid $66.5 million for the ManpowerGroup corporate headquarters building at the Schlitz Park complex in downtown Milwaukee.
