A California-based real estate investment firm has purchased the Design Center building on North Water Street in downtown Milwaukee for $2.5 million, according to state records.
[caption id="attachment_360798" align="alignright" width="376"] 1119 N. Water St.[/caption]
Franksville-based 1119 N. Water LLC sold the building located at 1119-1125 N. Water St. to Roseville, Calif.-based Iconic Water Street LLC.
The buyer is registered to private equity real estate firmHarris Bay.
The seller is registered to Chad Alexander. 1119 N. Water LLC purchased the 109-year-old, 35,240-square-foot buildingin 2013, for $1 million, according to state records.
The four-story building includes ground floor retail space currently occupied by Buffalo Wild Wings restaurant. The upper floors are used as office space for a variety of tenants.
The building is assessed by the city of Milwaukee for $2.2 million.
This is the second North Water Street building to exchange hands in recent weeks. Long-time bar Rosie’s, 1111 N. Water St.sold in late August to Wild Rogues LLC for $800,000.