Buyer: An affiliate of Middleton Partners
Seller: Five Mile Capital Partners LLC
Closing date: End of June
Sale Price: $124.6 million
A Chicago-area real estate investment firm recently paid top dollar for the 30-story office tower at 411 E. Wisconsin Ave. in downtown Milwaukee.
Northbrook, Illinois-based Middleton Partners paid $124.6 million for the 411 Building, almost 70 percent higher than what Stamford, Connecticut-based Five Mile Capital Partners LLC paid for the office building in 2014, when the group bought it for $74.3 million.
The sale price was also well above the building’s assessed value of $92.4 million.
By comparison, U.S. Bank bought the 42-story U.S. Bank Center office tower for $203 million in late 1999.
The 693,000-square-foot 411 Building office tower has undergone $17.3 million in renovations over the past three years. Chicago-based Riverview Realty Partners has managed the building during that time and oversaw the renovations, which included upgrading the building’s elevator systems, HVAC system, lobby, roof and adjacent parking structures.
The property was 76 percent leased when it was acquired by Five Mile Capital in 2014. Today, occupancy is at 89 percent.