A California-based real estate investment firm has purchased the Design Center building on North Water Street in downtown Milwaukee for $2.5 million, according to state records.
Franksville-based 1119 N. Water LLC sold the building located at 1119-1125 N. Water St. to Roseville, Calif.-based Iconic Water Street LLC.
The buyer is registered to private equity real estate firm Harris Bay.
The seller is registered to Chad Alexander. 1119 N. Water LLC purchased the 109-year-old, 35,240-square-foot building in 2013, for $1 million, according to state records.
The four-story building includes ground floor retail space currently occupied by Buffalo Wild Wings restaurant. The upper floors are used as office space for a variety of tenants.
The building is assessed by the city of Milwaukee for $2.2 million.
This is the second North Water Street building to exchange hands in recent weeks. Long-time bar Rosie’s, 1111 N. Water St. sold in late August to Wild Rogues LLC for $800,000.
