MARSHFIELD, WI (WSAU) — The building that used to house Marshfield’s city offices is now up for sale, according to Mayor Bob McManus.
The seven-story building at the corner of Center Avenue and 6th street has been listed for about $1.3 million for several weeks. Some lower offers have been made, but the Mayor says they are in no hurry to sell the building just for the sake of selling it. “That building right now brings in about $350,000 worth of revenue,” he said.
Much of that comes from long-term leases for antennas located at the top of the building. “One hundred forty thousand a year comes from the roof, [and] those are long-term leases; 15, 20, 25 years where the antenna just sits there and brings us revenue.” He says the remaining revenues come from the tenets of the building, with some other deals nearing completion for other tenants. “It could very well be that at the beginning of 2019 the revenue of that building will be around $400 thousand.”
At one time the city did have a deal in place to sell the building for about $3 million but that deal never materialized because it wasn’t deemed a historic building, meaning it wouldn’t qualify for tax credits or other incentives. McManus says after that deal fell through several much-lower offers started coming in, with developers thinking the city would be desperate to sell.
He says that’s not the case at all. “We’re not in any hurry to sell because we have $350 thousand worth of income, that’s a big thing.” He says the city is currently looking at one scenario, but there’s no firm deal in place. “If it works out, great. If not, we’ll stay on the market until we get that right buyer.”
McManus adds that whoever buys the building could potentially make back their investment in the first four years just based on the current lease values alone.
Other topics the Mayor discussed with WSAU’s Mike Leischner include:
Start of video- Bringing the new city hall location up to full speed and the perks of a new office
2:00- Last city council meeting in the previous council chambers
5:00- Direction of the previous City Hall building
9:00- Recap the holiday parade and lighting of the trees in the Wenzel Family Plaza
15:30- Mayor’s feelings on Christmas Carols before Thanksgiving
