The historic office building at 215 N. Water St. in Milwaukee’s Historic Third Ward has been sold for $4.55 million, according to a news release from Colliers International Wisconsin.
The 26,100-square-foot red brick and timber loft office was sold on Wednesday to Revel 215 Water LLC, according to the lease. The sale price comes out to $170 per square foot. Revel 215 Water is registered to Revel Investments LLC. Another entity of this investment group purchased the Timberworks Building at 325 E. Chicago St. in the Third Ward for about $5 million in late 2017.
City records show the Water Street building was owned by Water Street Holding LLC, an affiliate of Dohmen Co. The firm has offices located in this building, which has an assessed value of $3.42 million.
Tom Shepherd, partner at Colliers, represented the seller in the transaction.
“We’ve seen a huge increase in investor demand for stabilized Third Ward offerings, and the office sale market is still robust,” Shepherd said in the release. “Buyers are seeking assets that offer an attractive yield coupled with unique and cool features. This asset is in Milwaukee’s preeminent high-barrier-to-entry neighborhood.”
According to the release, the building is fully occupied by six tenants. It was originally built in 1906 for Friend & Marks Co., a men’s clothing maker. It was designed by architect Buemming and Dick. Shoe polish manufacturer Harri Hoffman Co. purchased the building in 1974 for use as a warehouse. It was again purchased in 2006 and after undergoing extensive renovations was turned into a multi-tenant building.
Hoffco, which operated in a building half a block south at 125-129 N. Water St., recently sold its building and two other nearby properties earlier this year to entities affiliated with Hales Corners-based residential developer Wimmer Communities.
