TPG Real Estate and Crestlight Capital have officially closed on the acquisition of Schlitz Park near downtown Milwaukee, the firms announced today.
The joint venture consisting of the real estate platform of San Francisco and Fort Worth, Texas-based TPG and Detroit-based Crestlight first revealed in late December they had signed a purchase agreement with The Brewery Works Inc. to buy the 32-acre office complex. Terms of the transaction were not disclosed, but state records indicated the sale price was $101.25 million for the 30.7-acre property.
The Brewery Works is the development and ownership group led by the Grunau and Sampson families who transformed the former Schlitz brewery into the Schlitz Park office complex, located just north of downtown Milwaukee, which includes five office buildings, three parking structures and a chilled water plant. They bought the complex in 1983 after the brewery was shut down in 1981.
Schlitz Park reached 100 percent occupancy last year, following a $30 million renovation effort that included updating office, recreational and green spaces as well adding new amenities.
Tenants of the nearly 800,000 square feet of office space include the Milwaukee Bucks, UMB Fund Services, Infosys, AECOM, Badger Liquor, HSA Bank, National General Insurance, and Trusted Media Brands. There are about 4,200 people working at the Schlitz Park tenants, in total.
“Schlitz Park is a regional landmark that ties together the unique history and promising future of downtown Milwaukee,” John Coury, principal at Crestlight, said in a statement. “As the property enters its next chapter, we look forward to building on the strong legacy the Grunau and Sampson families preserved by investing in new concepts that embrace Schlitz Park’s active community and riverfront location.”
TPGRE and Crestlight said they expect to reveal their initial plans for Schlitz Park in the coming months. This acquisition was the first for the joint venture.
Schlitz Park was listed for sale in August. More than 90 potential buyers expressed initial interest in learning more about the property.
