Home Industries Real Estate Featured Deal: Judge backs developers’ purchase of 100 East building

Featured Deal: Judge backs developers’ purchase of 100 East building

By
Cara Spoto
-
100 East, 100 E. Wisconsin Ave., was recently purchased by developers planning to convert it to multifamily housing after the building fell into foreclosure in 2021.

It’s not how most big real estate deals get finalized, but the ruling of a local judge was the final step that allowed creditors of the beleaguered 100 East office building in downtown Milwaukee to proceed with a deal to sell the 36-story building to developers who plan to convert it into a luxury apartment

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Cara Spoto
Cara covers nonprofits, healthcare and education for BizTimes. Cara lives in Waukesha with her husband, a teenager, a toddler, a dog named Neutron, a bird named Potter, and a lizard named Peyoye. She loves music, food, and comedy, but not necessarily in that order.
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It’s not how most big real estate deals get finalized, but the ruling of a local judge was the final step that allowed creditors of the beleaguered 100 East office building in downtown Milwaukee to proceed with a deal to sell the 36-story building to developers who plan to convert it into a luxury apartment tower.

In a Zoom hearing on April 12, Milwaukee County Circuit Court Judge Christopher Foley said he had reviewed the “receiver’s motion to sell” and agreed that all efforts had been made to secure the “highest and best offer” for the building, which has been in foreclosure since April of 2021. He then approved the motion, allowing 100 East Propco LLC – a development team led by Milwaukee-based Klein Development and local restaurateur John Vassallo – to purchase the property for $28.75 million.

Price: $28.75 million

Location: 100 E. Wisconsin Ave. 

Seller: Hertz Milwaukee 100 East Wisconsin LLC

Buyer: 100 East Propco LLC

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