CBRE has arranged the sale of 100 East, a 435,000-square-foot office complex in Milwaukee. 100 East PropCo, LLC, purchased the property from Michael S. Polsky, Esq., the court-appointed receiver for Hertz Milwaukee 100 East Wisconsin, LLC, for $28.75 million.
CBRE’s Patrick Gallagher, Matson Holbrook, Bill Bonifas and Matt Cariello represented the seller in the transaction.
The 35-story building is located at 100 E. Wisconsin Ave. in the Downtown East submarket, three blocks from the Third Ward and proximate to I-794 and I-43 interchanges. The property was built in 1989 and has direct access to the RiverWalk along the Milwaukee River, the 1.75-mile skywalk system and 750 parking spaces contained in both the building and a nearby 10-story parking garage at 720 North Water St.
The tower was 46.5% occupied at the time it was marketed for sale.
According to CBRE Research, Milwaukee had the fifth-lowest vacancy (3.1%) out of the top 69 multifamily markets in the U.S. in Q2.
