The five-story office building located at 789 N. Water St. in downtown Milwaukee has been sold for $6.25 million, according to state records.
The buyer is Druml Marine LLC, an investment group registered to Dan Druml,
former owner of Pewaukee-based
Paul Davis Restoration. The seller is K&K McKinney Properties LLC. The Whitewater-based group is registered to Jerry McKinney.
Druml acquired the building for nearly $2 million under its assessed value of $8.2 million, according to city records. Druml could not immediately be reached for comment.
The 73,250-square-foot, five-story building is prominently located just east of the Milwaukee River at the same intersection as Milwaukee City Hall, the Pabst Theater and the new 25-story BMO Tower office building.
It recently lost a tenant in
Heartland Advisors Inc., after the company
moved its offices into a 10,900-square-foot space across the street at the BMO Tower.
K&K McKinney
acquired the building in 2008 for $11 million. It was constructed in 1999, according to city records. Rental rates for available space range from $15 to $17 per square foot per year, according to an
online listing.
