Water Street Design Center building sold for $2.5 million

Second North Water Street building to change hands in recent weeks

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.

1119 N. Water St.

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 firm Harris Bay. 

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The seller is registered to Chad Alexander. 1119 N. Water LLC purchased the 109-year-old, 35,240-square-foot building in 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.

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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.

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