An affiliate of Franklin-based Sunset Investors has acquired the U.S. Citizenship and Immigration Services office building in downtown Milwaukee for $4.75 million, according to state records.
The affiliate, Sunset Investors Knapp LLC, purchased the building from Hamburg, New Jersey-based Morristown Plaza Associates Ltd. The building is located at 310 E. Knapp St.
Sunset bought it well below its assessed value. The 59,429-square-foot building, which was constructed in 2001, is assessed at $10.96 million, according to city records.
It is home to the USCIS Milwaukee field office. Kendall Breunig, principal of Sunset Investors, said the federal agency is negotiating a lease extension. The existing lease runs for around another year, he said. Colliers International | Wisconsin is the property manager and handling lease negotiations.
The U.S. Citizenship and Immigration Services is an agency of the United States Department of Homeland Security that administers the country's naturalization and immigration system.
Breunig said the building is a replacement property. His firm recently sold six self-storage properties in the Milwaukee area. Those along with two others were acquired by Florida-based SROA Capital LLC late last year for a total of $37 million.
Breunig said he is looking to close on a few more property acquisitions within the next six months. He declined to provide more details.