Hempel Properties Inc. is buying the 230,500-square-foot Clark building, 633 W. Wisconsin Ave., and the 117,200-square-foot Wells Building, 324 E. Wisconsin Ave., which are two of Zilber Ltd.'s six downtown office properties.
Michael Mervis, a spokesman for Zilber, would not disclose the price offered by Hempel for the Wisconsin Avenue buildings. A spokesman for Hempel declined to comment.
The Milwaukee assessor's office valued the Clark Building at $12.1 million in 2007, while the Wells Building was valued at $6.6 million. The pending sale of the offices is not a package deal, Mervis said.
Money from the sale of the office buildings will be reinvested in Zilber's Pabst Brewing Co. project. Zilber Ltd. is the lead developer of The Brewery project at the 21-acre former Pabst complex on the west side of downtown.
The estimated $205 million redevelopment of the Pabst property began in early 2007. Street and other infrastructure work is under way at The Brewery, which is part of a $27 million tax incremental financing district.
Zilber is working with several other developers on residential, office and retail projects at The Brewery. Madison-based Gorman & Co. is converting the 138,000-square-foot former keghouse into loft apartments.
"
Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,
real estate web design and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.
Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.
source: bizjournals.com
No comments:
Post a Comment