ATC headquarters sold for $81 million

Highest priced real estate transaction in region this year

Last updated on May 15th, 2019 at 05:00 pm

American Transmission Company’s headquarters in Pewaukee has been sold for nearly $81.2 million, according to state records.

The American Transmission Company corporate headquarters in Pewaukee.

The 13.9-acre property at W234 N2000 RidgeView Parkway Court was sold to an affiliate of Cleveland-based MAI Capital Management by an affiliate of Chicago-based Oak Street Real Estate Capital.

Oak Street affiliate ATWI001 Owner LLC purchased the ATC headquarters in 2012 for $65 million from Interstate Partners.

The facility is known as RidgeView Office Center III. It has a three-story 123,833-square-foot office building, a 33,600-square-foot industrial building and 357 parking spaces. The buildings were constructed in 2009.

The property is listed as exempt and does not have an assessed value, according to Waukesha County tax records.

American Transmission Company is a utility, making the property exempt from taxes as long as ATC uses it in support of its operations. The City of Pewaukee does receive a utility aid payment, as part of shared revenue, in lieu of taxes. That payment is estimated at $491,960 for 2016, covering all utilities in the city.

Anne Spaltholz, ATC director of corporate communications, said the company has a long-term lease for the facility and there will be no changes to its operations.

A representative of MAI Capital did not immediately respond to a request for comment.

At just under $81.2 million, the deal is the largest in southeastern Wisconsin this year. The 34-story 100 East office building in Milwaukee sold for $78 million in August and the Milwaukee Center sold for $60.5 million in March.

Only the sale of 18 parcels covering 83 acres in Madison and Middleton for $186 million in June tops the ATC sale in the rest of Wisconsin.

Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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