Park Place Wells Fargo building sold for $26 million

Griffin Capital Essential Asset REIT, a Los Angeles-based real estate investment trust, recently purchased the 240,675-square-foot Wells Fargo Home Mortgage office building located at 11200 W. Parkland Ave. in Milwaukee from Columbia Property Trust (formerly known as Wells REIT II) for $26 million, according to state records.

The building, located in the Park Place office complex on the city’s far northwest side, was sold as part of a 18-property, $521 million deal.

Wells REIT II, which recently changed its name to Columbia Property Trust and in October was listed on the New York Stock Exchange, bought the Park Place Wells Fargo building in 2008 from Washington Mutual for $23.6 million.

The building, which was constructed in 1990, has an assessed value of $20.2 million, according to city records.

The building is entirely occupied by Wells Fargo Home Mortgage.

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