JLL Capital Markets has closed the $72.2 million sale of the 150,950-square-foot Rexnord Power Transmission Headquarters building in downtown Milwaukee. The sale price represented a cap rate just under 5.5 percent, a record low for the product type in the local market.
JLL marketed the property on behalf of the seller, Klein Development Inc., and procured the buyer, an undisclosed third party.
Located at 105-111 W. Michigan St., the property occupies an entire city block in Milwaukee’s Central Business District. This location is immediately north of Interstate 794 and directly west of the Milwaukee River, offering direct access to the RiverWalk Path and prime city and Lake Michigan views.
The property was completely renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters facility and includes a seven-story parking garage that provides an above-market parking ratio of five spaces per 1,000 square feet. The property is 100 percent net-leased on a long-term basis.
The JLL Capital Markets team representing the seller was led by Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields.
JLL agency leasing expert Matt Hunter also supported the team.