A Chicago-based real estate investment firm has purchased the P.H. Dye House in Milwaukee’s Historic Third Ward neighborhood for $9.7 million.
Singerman Real Estate LLC plans to renovate and re-lease the nine-story, 125,560-square-foot, multi-tenant office building located at 320 E. Buffalo St. The building is 50 percent occupied.
The P.H. Dye House took a hit last year when the Art Institute of Wisconsin moved out, leaving about 50,000 square feet of vacant space.
The building’s first floor has retail space, including Moda3, which recently renewed its 7,675-square-foot lease. Office tenants include Engberg Anderson Architects, Thiel Design and Halling & Cayo S.C.
Andy Hess, investment division principal at Founders 3 Real Estate Services, brokered the deal. Ned Purtell and John Davis of Founders 3’s office brokerage division will continue as the leasing team at the P.H. Dye House.
Milwaukee developer Michael Gardner, managing member of the Gardner Group LLC, purchased the P.H. Dye House in 1999. The property had been owned by Gardner’s parents, Jack and Barbara Gardner, since the 1970s.
The structure was built in 1920 for the Phoenix Hosiery Co., which owned several structures in the Third Ward.