Downtown tower price is $60.5 million

Laacke & Joys site sells for $3.7 million

An affiliate of Green Baybased Associated Bank has paid $60.5 million for its recently announced purchase of downtown's Milwaukee Center office tower.

Milwaukee Center Management LLC bought the 28story, 373,000-square-foot building, 111 E. Kilbourn Ave., from Chicago-based Hub Milwaukee Center Properties LLC, according to state real estate records posted Tuesday.

Associated, which is the largest bank headquartered in Wisconsin, says the purchase of the building allows for future expansion of the company as it grows in the Milwaukee metropolitan market.

Also, the former Laacke & Joys Co. building that will be redeveloped into offices and other commercial space has been sold for $3.7 million.

Riverwater Partners LLC, led by Laura Peck, sold the building, at 1433-1475 N. Water St., to SW Platteville LLC, Hepatica Hill Holdings Ltd., and Cherry Water LLC, investment groups organized by developer Stewart Wangard, according to state real estate records.

Wangard Partners Inc. is converting the vacant building into offices, with part of the complex to be razed for a future hotel site. Bader Rutter & Associates Inc. announced Monday it will be that project’s anchor tenant, moving there in May 2017 from Brookfield.

Finally, the former headquarters of C. Coakley Relocation Systems LLC moving and storage company, located near downtown’s Park East strip, has been sold for a previously announced conversion into apartments.

The four-story building, 1300 N. 4th St., was sold by Roadster LLC, led by Christopher Coakley, to Haymarket Lofts LP, an affiliate of Indianapolis-based Herman & Kittle Properties Inc., for $3.45 million, according to state real estate records.

The 72-unit Haymarket Lofts development in April 2015 received federal affordable housing tax credits from the Wisconsin Housing and Economic Development Authority.