Walker’s Point building sold, will be upgraded

It’s on developing strip of S. 5th St.

A small Walker’s Point building has been sold to a developer who will upgrade its apartments and commercial space.

The two-story building, 508 W. Washington St., was sold to an affiliate of Highland Park, Ill.-based Blackwatch ‘68 Properties for $500,000, according to state real estate records posted Friday.

The building, constructed in 1887, was sold by SG Property Management LLC, led by Scott Genke.

Blackwatch plans to “freshen up” the building’s common areas, as well as add stainless steel kitchen appliances and updated technology systems, said Elan Peltz, who owns the firm.

The apartments have been rented to new tenants for $1,700 to $1,800 monthly, Peltz said. The street-level commercial space is occupied by a law firm and a company that does photography and web design, he said.

Blackwatch has bought nearly a dozen properties in Walker’s Point and Bay View during the past few years, Peltz said, and has several other area buildings under contract.

“This property fits well into that portfolio,” Peltz said. “We love the location and the huge windows.”

The building is at the northwest corner of S. 5th and W. Washington streets.

It is part of a seven-block stretch of S. 5th St., between W. Virginia and W. Scott streets, that was recently rebuilt.

Other newer developments there include a former industrial building, at 644 S. 5th St., that was converted into a second location for Fuel Cafe, a longtime Riverwest coffeehouse; Juiced, a natural juice production business; Proximity Malt; and TKWA UrbanLab architectural studio.

Also, Gravity Marketing LLC has bought a two-story, 5,300-square-foot building at 720-722 S. 5th St., where it will relocate.