Last updated on May 15th, 2019 at 04:47 pm
A hotel at the Park Place office park on the far northwest side of Milwaukee has been sold to an Illinois investor.
State records show the Comfort Suites Milwaukee-Park Place, located at 10831 W. Park Place, was sold to Schaumburg, Illinois-based Monona Lodging Inc. for $3.9 million. The seller’s agent in the transaction was Anup Patel, whose listed address was the same as Monona Lodging’s.
The hotel was sold well under its assessed value of roughly $6.6 million.
Attempts to reach the buyer were unsuccessful.
The Comfort Suites was sold by CREFII Waramaug Milwaukee LLC, a Boca Raton, Florida-based investment group. The firm also previously owned the Holiday Inn & Suites hotel near General Mitchell International Airport. It owned that hotel for four years before selling to a local investor in July.
This is the latest property in the Park Place office park area to have changed hands. Just a couple weeks ago, Portland-area investor Felton Properties announced it had acquired an office portfolio of six buildings in the Milwaukee area, three of which were located in Park Place. Two of those buildings, located at 11100 W. Liberty Drive and 7800 N. 113th St., were together sold for about $18 million, or nearly $5 million more than their combined assessed value of roughly $13.3 million.
The third building, located at 11301 W. Lake Park Drive, went for $1.2 million, which was less than its assessed value of roughly $3.7 million. The building is currently being leased but is not occupied.