The investors group that renovated a vacant downtown office complex for Rexnord Corp. is now reaping the benefits of its work just two years after acquiring the property.
According to state records, 111 Michigan Partners LLC has sold the Rexnord headquarters, located 105-111 W. Michigan St., to Atlanta-based investors for nearly $72.2 million.
111 Michigan Partners is led by local developers Mike and Joe Klein. The buyer, RX Milwaukee WI Landlord LLC, lists its primary address in an Atlanta office complex.
The Kleins bought the 150,868-square-foot office complex in early 2019 for $14.4 million. Rexnord started moving 120 employees into the building last summer.
It was originally constructed in 1998. It is assessed at $14.45 million, according to city records.
The sellers did not respond to a request for comment. The buyers could not be reached for comment.