Colliers International Announces Sale of the First Retrofitted Office Building in The Brewery Development
The 40,744 square foot brick and timber loft office building is 100% occupied by seven professional office tenants.
September 19th, 2018, Milwaukee – Colliers International’s Wisconsin Investment Services Team
proudly announces the sale of the historic Pabst Boiler House No. 10, located at 1243 N. 10th Street, the first retrofitted office building in the former Pabst Brewery in downtown Milwaukee. The 40,744 square foot brick and timber loft office building is 100% occupied by seven professional office tenants. The building includes unique features such as underground heating parking, a rooftop deck, and an environmentally friendly roof garden. The building was a 2008 recipient of the Cream of the Cream City Awards by the Historic Preservation Commission and also it recently received a 2018 award from BOMA for “Office Building of the Year”. The property was sold by Milwaukee developer PBH Redevelopment LLC for $5,720,000 on September 19th, 2018 to Wisconsin-based investor J. Vollrath LLC. Anchor tenants in the building include law firms Borgelt, Powell, Peterson, & Frauen S.C. and Ogletree Deakins. All tenants will remain in the property post-closing.
Recognizing the future potential of The Brewery, in 2007 a team of investors led by Max Dermond and
Charlie Trainer purchased Pabst Boiler House No. 10 with plans to renovate the building into boutique loft brick & timber office space. “Our ownership group is very proud of the historic Boiler House project and its catalytic impact on the revitalization of the Pabst Brewery campus. We are pleased to transfer ownership of the Boiler House to a Wisconsin investor who we believe shares our appreciation for this beautiful, historic structure and its context in the newly-restored, mixed-use neighborhood,” said Charlie Trainer, PBH Redevelopment LLC.
Colliers International | Wisconsin Investment Services Team handled the marketing and sale for PBH
Redevelopment LLC. “Investor interest is simply following the tenant interest in this real estate cycle. Office tenants want to be in urban space that has character, and in buildings that have walkable, dynamic features, and abundant amenities. Capitalization rates are compressing, and prices are healthy, for properties in mixed-use, lively ‘eighteen hour’ neighborhoods like The Brewery,” stated Tom Shepherd, Partner at Colliers International | Wisconsin.
Tom Shepherd, Scott Welsh, Lyle Landowski and Jennifer Huber-Bullock of Colliers International | Wisconsin represented the seller in the transaction and Colliers was the sole broker in the sale. Colliers will continue to manage and lease the building for the new owner.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row. Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
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