An under performing downtown Milwaukee office building on West Wisconsin Avenue sold to a Virginia firm for $9.8 million, according to state real estate records.
[caption id="attachment_144438" align="alignright" width="332"] 211 W. Wisconsin Ave.[/caption]
The eight-story, 120,651-square-foot building at 211 W. Wisconsin Ave. was purchased by 211 W. Wisconsin Avenue Property LLC. The group is registered to Goodman & Associates, LLC, an accounting firm in Middleburg, Va.
Representatives from the firm did not return phone calls.
Goodman & Associates purchased the building from BACM 2006-2 GSA Building LLC, which is registered to C-III Capital Partners, an Irving, Texas-based real estate investment firm.
The building went to a court-ordered auction in September, drawing three bidders. The winning bidder purchased the property for $14 million.
In December, the building was again put up for sale in an online auction. That auction was unsuccessful.
The property, which is adjacent to the Shops of Grand Avenue, sold for well under its assessed value of $13 million. It is 86 percent occupied with the U.S. Internal Revenue Service is leasing 78 percent of the building – on the second through eighth floors. On the ground level, Kaplan University, leases space.