(To read more on the TIC market, click here.)
MILWAUKEE-Wispark LLC, the development subsidiary of Wisconsin Energy Corp., has sold a 100,000-sf, eight-story building here to TIC sponsor TSG Real Estate of Chicago for $20 million. The property is the former US Bank Building at 211 Wisconsin Ave. that Wispark began fully renovating last spring.
The building is 76% leased. The only tenant is the General Services Administration. The GSA leased the space last summer on behalf of the Internal Revenue Service. The lease term is 20 years. When it moves into the building, the IRS will vacate the Reuss Federal Plaza building at 310 W. Wisconsin Ave.
The redevelopment of 211 Wisconsin Ave. included combining two vintage buildings, completing a full interior renovation and adding a new exterior façade to tie the buildings together. As part of the renovation, the concrete arches that once framed the north and east facades, as well as the building's dark recessed glass have been removed.
The sale was brokered by Jaime Fink and Jeff Bramson with Holliday Fenoglio Fowler in Chicago. Fink tells GlobeSt.com the available space is almost all ground-floor retail space. The building sits adjacent to the Shoppes of Grand Avenue retail center.
Wispark came to HFF in late November and asked to have the building sold by the end of the year, says Fink. TSG underwrote and closed the transaction within 30 days.
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