A commercial property in Oshkosh, Wisconsin, has been sold for $4.86 million, marking one of the most significant real estate transactions in Winnebago County recently. The property, located at 3105 S. Washburn St., was acquired by AJJ Oshkosh Hospitality LLC from the seller, DG Wogernese & Co.
The sale, recorded by the Wisconsin Department of Revenue, highlights continued investment activity in the region's hospitality sector. Public records show a real estate transfer fee of $14,595 was paid on the transaction, confirming the multi-million dollar purchase price.
Key Takeaways
- A commercial property at 3105 S. Washburn St. in Oshkosh sold for $4.86 million.
- The buyer is identified as AJJ Oshkosh Hospitality LLC, indicating a focus on the hotel industry.
- The seller was DG Wogernese & Co., a development company.
- The sale generated $14,595 in state transfer fees, reflecting the high value of the asset.
- The transaction suggests confidence in the Oshkosh area's local economy and tourism sector.
Details of the High-Value Transaction
The recent sale of the property on South Washburn Street stands out as the highest-value property transfer in Winnebago County for the period, according to official records. The final sale price of $4,860,000 positions it as a major investment in the local commercial real estate market.
The buyer, AJJ Oshkosh Hospitality LLC, is a limited liability company. The use of an LLC is a common practice in commercial real estate acquisitions, providing a structured legal entity for holding and managing significant assets like a hotel.
The seller, DG Wogernese & Co., is a known entity in property development. The transfer of this asset represents a successful realization of its investment in the Oshkosh market. The property in question is the site of a Cobblestone Hotel & Suites, a key player in the local accommodation market.
Understanding the Transfer Fee
The transaction's value is further corroborated by the real estate transfer fee of $14,595. In Wisconsin, this fee is calculated at a rate of $3 for every $1,000 of the property's sale price. This state-mandated fee is a reliable indicator of the true market value exchanged between a buyer and a seller.
Calculating the Sale Price
To determine the sale price from the transfer fee in Wisconsin, you can use a simple formula: divide the transfer fee by 0.003. In this case, $14,595 divided by 0.003 equals exactly $4,865,000, confirming the reported sale price.
Significance for the Oshkosh Hospitality Market
This multi-million dollar sale is more than just a line item in county records; it serves as a strong indicator of the health and appeal of the Oshkosh hospitality industry. The city's economy is supported by several key pillars that drive demand for hotel accommodations throughout the year.
Major local employers, the University of Wisconsin-Oshkosh, and a vibrant events calendar contribute to consistent visitor traffic. The acquisition by a hospitality-focused entity suggests a long-term belief in the continued growth of this demand.
Economic Drivers in Oshkosh
Oshkosh is home to major international events, most notably the EAA AirVenture Oshkosh, which draws hundreds of thousands of visitors annually. This event alone creates a massive surge in demand for lodging, making hotels a critical piece of the local infrastructure and a lucrative investment.
Furthermore, investments of this scale often precede or signal further development. New ownership may bring plans for renovations, rebranding, or operational enhancements designed to increase the property's value and competitiveness. Such activities can have a positive ripple effect, encouraging other businesses in the area to invest and upgrade their own facilities.
The Broader Winnebago County Real Estate Landscape
While the $4.86 million hotel sale was the week's largest, it is part of a dynamic real estate market across Winnebago County. The region features a diverse mix of residential, commercial, and industrial properties, each responding to different economic pressures and opportunities.
Commercial real estate, in particular, reflects the business climate. A high-value transaction in the service and hospitality sector points to strength in consumer-facing industries. Analysts often watch these sales as a barometer for investor confidence in a local economy's future.
Types of Property Transactions
Property transfers in the county typically include a wide range of values and types:
- Residential Sales: Single-family homes and condominiums make up the bulk of transactions by volume.
- Commercial Sales: These include retail spaces, office buildings, and hospitality venues like the one on S. Washburn St.
- Industrial Properties: Warehouses, manufacturing facilities, and distribution centers are key to the region's economic backbone.
- Land Sales: Purchases of undeveloped land often signal future construction and development projects.
The consistent flow of these transactions is vital for the local economy, generating revenue through fees and property taxes, and creating opportunities for employment and new business ventures.
What This Means for the Local Community
A significant property sale like this has direct and indirect impacts on the Oshkosh community. The new ownership of a major hotel ensures the continued availability of accommodations for tourists, business travelers, and visitors attending local events.
It also represents stability for the property's employees and the local businesses that supply it with goods and services. A well-run hotel is an integral part of the local tourism ecosystem, supporting restaurants, retail shops, and entertainment venues.
"Large-scale commercial real estate transactions are a vote of confidence in a community's economic foundation. An investment of this size in the hospitality sector suggests that the buyer sees strong, sustained demand for travel and tourism in the Oshkosh area for years to come."
The transaction also contributes directly to public funds through the transfer fee and ongoing property taxes, which support essential services in Winnebago County. For residents, it is a tangible sign that Oshkosh remains an attractive place for significant private investment.
