An affiliate of Minnesota-based
Hempel Real Estate purchased a portion of the ASQ Center in downtown Milwaukee for $8.75 million.
Hempel's purchase includes about 88,700 square feet of the south tower of the complex. The company already owned other portions of the ASQ Center, located at 648 N. Plankinton Ave., but much of the south portion of the building was owned by the
American Society for Quality (ASQ), for which the building is named.
The sale comes as Menomonee Falls-based
Enerpac Tool Group renovates the fourth floor of the building for its
new 56,000-sqaure-foot headquarters that the company plans to move into late this year or early next year. The building will be renamed the Enerpac Center upon the company's move.
The ASQ Center consists of first floor retail space, part of which is occupied by a Planet Fitness; office space, 30,000 square feet of which will be occupied by Veolia, which
announced its move to the building from Milwaukee's west side in October; and a 131-room Residence Inn on the upper floors, which Hempel does not own, a spokesperson said.
Hempel owns a significant amount of property in downtown Milwaukee's Westown neighborhood, including The Avenue, 275 W. Wisconsin Ave., where 3rd Street Market Hall is a tenant; Plankinton Clover, 161 W. Wisconsin Ave, which homes tenants like T.J. Maxx, among others; and the Majestic Lofts Apartments, 231 W. Wisconsin Ave.
