The office portion of a historic building in Milwaukee's Historic Third Ward was sold for $13 million to a growing local real estate investor.
The first seven floors of the eight-story
Dye House, located at 320 E. Buffalo St., was sold to an affiliate of Wauwatosa-based
Zeon Partners Capital Investments from Chicago-based
Singerman Real Estate, according to state property records.
The building is primarily used as office space, with current tenants including SoftwareOne, Engberg Anderson Architects, Taureau Group and several law offices, among others. The building's first-floor retail tenants include clothing store MODA3 and fitness center Train Moment. The top floor of the building consists of residential condos, which were not included in the sale, state records show.
Zeon Partners was founded by
Rupesh Agrawal, who also founded
Amla Commerce. Those businesses are considering moving their offices from the Milwaukee County Research Park in Wauwatosa to the Dye House and would occupy about 6,000 square feet, according to commercial real estate sources.
Amla Commerce is the parent company of Artifi Labs and Znode. Znode is a business-to-business platform to manage multiple e-commerce stores through a single administrator account and Artifi Labs is a platform that provides full end-to-end product customization capabilities, according to the Amla Commerce website.
Zeon also owns the Wauwatosa office building that it and Amla Commerce are headquartered in, Milwaukee County records show. That building is located at 10400 W. Innovation Drive. Zeon's other Milwaukee-area holdings include Marine Terminal Lofts' office space in the Third Ward and an industrial building in the OakView Business Park in Oak Creek, according to its website.
"We're really starting to grow our investments," said
Tony Stang, co-founder and president of Zeon. "On the office front, it's a tough environment to get deals done, but in Milwaukee there's limited supply of high quality buildings and employers have been bringing people back to the office."
Zeon Partners Capital Investments was founded after Agrawal
sold his company, Zeon Solutions, for $35.7 million to St. Louis-based IT services provider Perficient Inc. in 2014.
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