Downtown office building sold for $11.2 million

Oak Street Real Estate Capital LLC, a Chicago-based private equity real estate firm, recently purchased The Lewis Center, a 50-year-old, 110,636-square-foot, four-story office building located at 615 E. Michigan St. in downtown Milwaukee, from Milwaukee-based Zilber Property Group for $11.2 million, according to state records.

The entire building is occupied by U.S. Bank, and has a large surface parking lot on the south side of the building. The building is located on the block just southwest of the 42-story U.S. Bank Center at 777 E. Wisconsin Ave.

The Lewis Center building was sold for well above its assessed value of $8.4 million, according to city records.

The building is considered a class B office building, according to Xceligent.

Oak Street Real Estate Capital has been active recently in acquiring commercial real estate in the Milwaukee area. In September, the firm purchased the corporate headquarters building for United Heartland in New Berlin for $12.8 million from Wauwatosa-based Irgens. The 56,052-square-foot building is located at 15200 W. Small Road and prior to the sale had an assessed value of $7.4 million assessed value, according to Waukesha County records.

Last year, Oak Street acquired American Transmission Company’s corporate headquarters in Pewaukee from a joint venture of Pewaukee-based Interstate Partners and Zilber Property Group for $65 million. The 13.86 acre ATC property, located at W234 N2000 Ridgeview Parkway Ct., Pewaukee, has a three-story, 123,833-square-foot office building and a 33,600-square-foot industrial building.

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