A North Carolina company recently purchased a downtown Milwaukee office building. The First Financial Centre, a 15-story office building located at the northeast corner of Wisconsin Avenue and Water Street in downtown Milwaukee was sold by Milwaukee-based Lubar & Company Inc. to Charlotte, N.C.-based Allegiance Realty Corp. The 153,201-square-foot building was sold for $10.65 million, about $3.2 million more than its assessed value of $7.476 million, according to city records.
Patrick Gallagher and Jack Arnett of Milwaukee-based Siegel-Gallagher represented Lubar & Company in brokering the sale. Allegiance Realty represented itself.
Lubar & Company’s offices are located in the building. Lubar & Company is a private investment firm. Its chairman is Sheldon Lubar, and its president is David Lubar.
Other major tenants in the building include Associated Bank, the Milwaukee Symphony Orchestra and Siegel-Gallagher. The building is about 80-percent occupied said Marcie Kafura, spokeswoman for Siegel-Gallagher.
Allegiance Realty Corp. is a private real estate company that specializes in the office and hotel sectors. The company’s portfolio consists of 2.1 million square feet of office and retail space and approximately 1,700 hotel rooms in major markets throughout the United States.
Siegel-Gallagher Management Company managed the building under Lubar & Company’s ownership and will continue to do so for Allegiance.
"While the sale of this quality asset garnered serious interest from a number of buyers, we are pleased to welcome and work with Allegiance, a new investor to the Milwaukee market," Gallagher said. "This demonstrates the vitality of the real estate and lifestyle renaissance that Milwaukee is undergoing as perceived by outside observers."
Minoqua-based Builder’s Investment & Realty Inc. recently purchased Executive Center III, the three-story, 55,678-square-foot multi-tenant office building at 125 N. Executive Dr., Brookfield, from Des Moines, Iowa-based Principal Life Insurance Co. for $5.55 million. The sale price was about $310,000 lower than the property’s assessed value of $5,859,700, according to Waukesha County records. Milwaukee-based Inland Companies Inc. brokers Mike Fardy and Tom Shepherd represented Principal in brokering the sale. Barb Tates and Tim Brunow of Brookfield-based MLG Commercial represented Builder’s Investment & Realty. The building is 90 percent occupied and its major tenants include Spectrum Business Center, Horizon Interactive and Teksystems Inc.
Boulder Venture LLC, a Milwaukee-based developer, recently purchased 28.86 acres at the northeast corner of Janesville Road and Moorland Road in Muskego from Jewel Food Stores Inc. for $4.25 million. Max Rasansky and David DeVorkin of CB Richard Ellis represented Boulder Venture in brokering the deal and Jewel had its own representative. Jewel originally planned to build a grocery store on the site, which is located next to a Kohl’s department store. But those plans fell through. CB Richard Ellis is marketing the site for Boulder Venture, which is seeking tenants for a future retail development on the site.
Centerpoint Properties Trust recently purchased the 176,000-square-foot industrial building on 13.65 acres at 16800 W. Ryerson Road, New Berlin, from Mooreland Park Associates for $4.1 million. The sale was for about $1.4 million less than the property’s assessed value of $5.5 million, according to Waukesha County records. Roger Siegel, Scott Furmanski and Trent Poole of CB Richard Ellis worked as a team representing the buyer and seller in brokering the deal.
