The Gas Light Building in downtown Milwaukee was sold at a Monday sheriff’s sale to Miami-based investment and asset manager Rialto Capital Advisors.
Located at 626 E. Wisconsin Ave., the building was sold for $4 million, according to a sheriff’s department spokesperson.
The 20-story, 132,000-square-foot building is about 63% vacant, and has an assessed value of $17.4 million, according to Milwaukee County records.
In January, a Milwaukee County Circuit Court judge issued a $14 million default foreclosure judgement against the building’s previous owner, Chicago-based M&J Wilkow.
Rialto Capital Advisors was a plaintiff in that foreclosure suit as the loan servicer for Wilmington Trust National Associate, which is the trustee for Comm 2015-PC1 Mortgage Trust, the loan’s actual holder.
Rialto Capital Advisors is a vertically integrated commercial real estate company that invests and manages real estate assets throughout the capital structure, including loans, securities and actual properties.
The company specializes in managing and capitalizing on distressed opportunities, according to its website.
“We understand the cyclicality of real estate markets and continuously focus on active control over assets and the value-add process, prudent use of leverage and returning capital to investors,” its website says.
Rialto Capital Advisors did not respond to request for comment.
More articles about the metro Milwaukee office real estate market:
- Atlanta-based developer to demolish Brookfield office building to make way for new apartment building
- Village of Brown Deer evaluating two proposals to redevelop vacant office building
- Foreclosed Brookfield office building sold to California firm
- Brookfield office building on Executive Drive acquired by lender in deed in lieu of foreclosure action
- Anchor tenants in one of downtown Milwaukee’s largest office buildings consider relocation
- Five years after COVID: Pandemic upended Milwaukee’s office market, where does it stand today?
- Metro Milwaukee office real estate vacancy continues to rise
- Office building near former Northridge Mall acquired by lender via deed in lieu of foreclosure action
- Brookfield office building on Executive Drive sold in foreclosure sale
- Brookfield office building acquired by lender in deed in lieu of foreclosure action
