Fulcrum Asset Advisors and Millbrook Properties have completed the purchase of the 250 Plaza office building at 250 E. Wisconsin Ave. in Milwaukee, WI for an undisclosed price. Milwaukee brokerage CBRE listed the 20-story building and its 427-space parking structure for auction in July 2014; prior to that, the building was acquired by Lone Star Funds in 2013 for $7.5 million, after the building had gone into receivership in 2009. Its current assessed value is about $7 million, according to city records.
"Fulcrum and our partner Millbrook are looking to invest in assets that require significant repositioning because of low occupancy and the need to complete deferred maintenance and overall updating," said Scott Stahr, principal of Fulcrum Asset Advisors. "This acquisition fits the bill. Though in need of significant TLC, it is located in the heart of Milwaukee's (central business district) and everything that location has to offer."
The 200,044-square-foot 250 Plaza building was constructed in 1973 and has struggled in recent years with a high amount of vacancy. The building will be rebranded as Two Fifty East, and undergo renovations on the main lobby and entrance, the common corridors and restrooms, a comprehensive elevator modernization including new elevator cab interiors, and major work in the parking garage to add lighting.
"Two Fifty East Wisconsin is a terrific opportunity to renovate and add value to a high quality office building and parking garage prominently located in the Milwaukee CBD," said Bruce Hecktman, President, Millbrook Real Estate Company. "Millbrook has successfully undertaken similar renovations to office assets in need of attention, repositioning, and hands on ownership. We look forward to working with our partners at Fulcrum to bring an upgraded and renovated office building to the Milwaukee business community."
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