Rite-Hite Affiliate Buys Global Water Center
Company expands its presence in Walker's Point by acquiring office building.
SixSibs Capital Corporation, an affiliate of Rite-Hite Holding Corporation, purchased the seven-story, 86,156-square-foot building at 247 W. Freshwater Way. It will continue to lease the building to other office tenants while Rite-Hite becomes the dominant business in the area.
Located in Walker’s Point, the building was intended as the eastern gateway to a water-focused business park. And while the Global Water Center has attracted a number of small water tenants and Zurn Elkay Water Solutions built a headquarters in the business park, the area will soon be known for a warehouse equipment company.
Rite-Hite is in the process of relocating its headquarters from Brown Deer to a formerly vacant, 9.4-acre site immediately west of the Global Water Center. The nearly-complete three-building complex will ultimately house 300 employees. It includes a four-story office building, two-story research and development center and 450-space parking structure. SixSibs owns the property, which is to be leased to the privately-held company.
According to a press release, the Global Water Center has welcomed four new tenants since summer 2020: Xylem Water Solutions, Beckhoff Automation, OpenGov and Diverge Translational Science Laboratory. Other tenants include the Greater Milwaukee Committee. The structure is currently 88% leased.
The building was listed by Colliers International brokers Tom Shepherd and Jennifer Huber-Bullock. The property was sold by Water Accelerator LLC, the group that partnered with the nonprofit The Water Council to develop the building. It includes HKS Holdings and other investors.
A transaction price was not disclosed and the sale, which closed Nov. 1, does not yet appear in the Wisconsin real estate transfer system. The property is assessed for $13.9 million.