Milwaukee-based developer Irgens sold the building occupied by Whole Foods Market on Milwaukee’s East Side to a Seattle-based investor for $22.2 million, according to state records.
Tacoma-based Waco, LLC, purchased the property, located at 2305 N. Prospect Ave. It was sold by Irgens, which developed the property in 2006, transforming the formerly blighted location northwest of the intersection of East North and North Prospect avenues.
The buyer, was a private buyer from Seattle, Washington, this was their first real estate purchase in Wisconsin.
“This trophy asset received significant interest from investors on the east and west coast, said Adam Connor, with Marcus & Millichamp’s Milwaukee office, who represented Irgens. “The buyer received one of Milwaukee’s premier retail properties for years to come.”
The Prospect Medical Commons building includes a 53,875-square-foot Whole Foods grocery store on its first level, four floors of medical office above it, occupying about 100,000 square feet of space and an attached parking garage for the medical offices and shoppers.
The portion Irgens sold includes the Whole Foods building and parking ramp below. The Prospect Medical Commons and above ground parking ramp is owned by Columbia St. Mary’s.
The building has an assessed value of $13.4 million, according to city records.
