Investment Highlights
- Located in one of Wisconsin’s Most Sought After Neighborhoods - The Historic Third Ward
- 4 1/2 Story, Loft Style Offi ce/Retail Building Located in a Walkable Neighborhood along Public Transit
- 85% Occupied on a Mix of Triple Net, Gross and Modifi ed Gross Leases
- Third Ward Parking Structure Connected to Building - Providing Direct Pedestrian Access
- Home to Marquette University, University of Wisconsin-Milwaukee, Milwaukee School of Engineering and the Milwaukee Institute of Art and Design (located across the street from 222 East Erie Street)
- Building Reconstructed In 2006 - Attractive Curb Appeal with Nine Years Left on Roof Warranty
- Major Office Tenants Include: Gardner Denver, Boelter Lincoln, & Hawks Quindel and other Professional Services Firms
- Johnson Controls, which has a suburban campus, opened an office at 350 N. Broadway in the Third Ward supporting this national trend
The offering consists of an 84,805 rentable square foot, 4 ½ story building that was originally constructed 1896 in Milwaukee’s Historic Third Ward District as a bakery for the American Biscuit & Manufacturing Company (AB&M), a predecessor company to Nabisco.
Designed in the architectural style of Romanesque revival, the building’s façade features a limestone archway at its main entrance and rounded windows on the upper fl oors. The façade was built using Milwaukee’s renowned Cream City Brick. The interior of the timber frame structure features rounded columns and cast iron turnbuckles. The building was owned and operated by AB&M until 1950 when it was sold for warehouse use. It fell into disrepair until 2004, when the current owners purchased it and reconstructed it as a certifi ed historic rehabilitation in accordance with the guidelines of the US Department of Interior’s National Register of Historic Landmarks.
Subject Property is over 85% occupied to a variety of Professional Services Firms and retail tenants. The Property was reconstructed in 2006 with new electrical, plumbing, fi re protection, HVAC, elevators, roof and windows. The building is connected to one of the Third Ward public parking structures offering direct access for tenants through the building without being exposed to the elements - the only building in the submarket offering such an amenity. Over the last fi ve years, vacancy in the Third Ward Offi ce market has dropped almost 200 basis points to just over 10% today and has seen positive absorption over the last 16 consecutive quarters. 222 Erie Street absorbed a large portion of that leasing.
222 Erie is located in one of Wisconsin’s most sought after neighborhoods Historic Third Ward District. Since it was on the National Register of Historic Landmarks in the 1980’s the Third Ward has experienced a renaissance of redevelopment to become the premier Live, Work, Play neighborhood in Milwaukee. A large number of historic buildings have been redeveloped into loft style residential, commercial and retail uses - including 222 Erie. More recently, many first to market retailers have opened stores within walking distance of the subject property - including,
West Elm, Restoration Hardware, Kit & Ace and Anthropologie. Amenities are scattered throughout the neighborhood including bars, restaurants, banks, shops, schools, theatres, art galleries, the Milwaukee Public Market the World’s Largest Music Festival - Summerfest.