The One Park Plaza office building on Milwaukee's far northwest side has been sold for $5.75 million to a New York investment firm that says it specializes in acquiring and repositioning so-called undervalued properties.
According to state records, the building at 11200-11270 W. Park Place was sold by an affiliate of GLL Real Estate Partners to an affiliate of New York-based Sovereign Partners LLC. GLL is headquartered in Germany and has an office in Orlando, Florida.
The 12-story high-rise, which totals roughly 210,700 square feet, was sold for well under its assessed value of $11.24 million, according to city records. It is located in the Park Place office park.
A representative of Sovereign Partners, reached by phone Monday, declined to comment on the acquisition.
According to the firm's website, Sovereign Partners' expertise lies in "exploiting opportunities in undervalued properties." The firm acquires properties, repositions them through things like capital improvements and lease-up strategies, then sells them once they have stabilized.
It primarily targets assets that have been impacted by circumstances such as lack of capital investment, poor management of the leasing base and inefficiencies in capital markets, among other things.
The building, which was constructed in 1983, has up to 89,024 square feet of space available, according to a listing on the CBRE Wisconsin website. With a total rentable area of 199,326 square feet, that would mean the building is roughly 55% leased.