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A Wisconsin-based firm has purchased the downtown Century Building for $13.8 million from Zeller Realty Group, which bought the historic building out of foreclosure just over a year ago.
Summit Realty Group, which represented Chicago-based Zeller, announced the transaction March 2.
Hendricks Commercial Properties of Beloit, Wisconsin, paid $90 per square foot for the 153,849-square-foot building at 36 S. Pennsylvania St., giving Zeller a tidy profit on its $6 million investment.
Hendricks is also the developer of the $30 million mixed-use Ironworks on the southwest corner of East 86th Street and Keystone Avenue, which features 36,000 square feet of ground-level retail space and 120 high-end apartments.
Zeller Realty bought the Century Building out of receivership in December 2013 in a bidding process that attracted at least a half-dozen bidders. Zeller also bought downtown’s Market Tower out of foreclosure, in October.
The Century Building had been owned by Blue Real Estate. The California-based company last made a payment in 2011 on a loan with a balance of $8.4 million.
The Century Building was developed to house printing companies in 1901 and converted to offices in 1984. Zeller spent $1 million improving the seven-story building’s elevators.
The building is fully occupied. Tenants include Salesforce, Denison Parking, Princeton One Search and Tin Roof on the ground level.
Zeller was represented in the sale by Alex Cantu, Matt Langfeldt and Rich Forslund, all of Indianapolis-based Summit.•
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