Schlitz Park business park sold for $110M

Downtown buildings fully leased to 39 tenants

The sale of downtown Milwaukee’s Schlitz Park business park is now final, with a reported price of around $110 million.

The 32-acre business park, with buildings totaling around 800,000 square feet, was acquired by Detroitbased Crestlight Capital and Fort Worth, Texas-based TPG Real Estate.

The price for the sale, which was first announced in December, was not disclosed in Wednesday’s statement from the new owners.

An industry source said the sale price was roughly $110 million.

Schlitz Park includes five office buildings, three parking structures and a chilled water plant.

The buildings are fully leased to 39 tenants, including the Milwaukee Bucks, UMB Fund Services, Infosys, AECOM, Badger Liquor, HSA Bank, National General Insurance and Trusted Media Brands.

Schlitz Park’s occupancy peaked this summer after a $30 million, multi-year renovation.

That leasing activity brought 4,200 jobs to Schlitz Park, including more than 1,000 new positions to downtown.

The buildings, some of which date to 1870, originally housed the Joseph Schlitz Brewing Co.

After the brewery closed, the Sampson and Grunau families converted the property into Schlitz Park in 1983. A group led by those families operated Schlitz Park until the sale to Crestlight and TPG.

“Schlitz Park is a regional landmark that ties together the unique history and promising future of downtown Milwaukee,” said John Coury, principal at Crestlight.

“As the property enters its next chapter, we look forward to building on the strong legacy the Grunau and Sampson families preserved by investing in new concepts that embrace Schlitz Park’s active community and riverfront location,” Coury said in a statement.