Downtown Milwaukee office building trades for $72.2M
JLL Capital Markets led sale efforts for the newly renovated Rexnord Power Transmission HQ building
CHICAGO – August 10, 2021 – JLL Capital Markets announced today that it has closed the $72.2 million sale of the 150,950-square-foot Rexnord Power Transmission Headquarters building in downtown Milwaukee, Wisconsin. The sale price represented a cap rate just under 5.5%, 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 West 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% 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Klein Development, Inc.
Klein development was founded by Dennis Klein in 1981 and became one of the largest privately held development companies in Wisconsin. From 1981 to 2000, Klein Development completed numerous commercial and residential developments in Wisconsin, Florida, Arizona and Indiana. Under the authority of Michael Klein and Joe Klein, Klein Development is again thriving as one of the most active developers in Milwaukee.