Walker’s Point build­ing sold to mall’s re­de­vel­op­ers

Milwaukee Journal Sentinel - - Business - Tom Daykin

A Walker’s Point build­ing an­chored by a va­cant restau­rant space has been sold to in­vestors who are re­de­vel­op­ing the for­mer Grand Av­enue mall.

The four-story, 7,000-square-foot build­ing, 235-237 S. Sec­ond St., was sold for $509,000 to 235 S. 2nd Street LLC, a Min­neapo­lis in­vestors group, ac­cord­ing to state real es­tate records posted Friday.

The prop­erty’s new owner is led by Josh Krsnak, pres­i­dent of Min­neapolis­based Hem­pel Cos., and Tony Janowiec, pres­i­dent of Mil­wau­kee-based In­ter­state De­vel­op­ment Part­ners LLC.

“We don’t have any definite plans yet, but we love the neigh­bor­hood,” Krsnak said about the build­ing.

“As you may re­call, when we bought the Grand Av­enue mall we didn’t have a defined plan ei­ther,” Krsnak said.

“But that ul­ti­mately pro­gressed into some­thing very ex­cit­ing and im­pact­ful. We ex­pect to con­tinue that phi­los­o­phy with this smaller prop­erty,” he said.

The for­mer mall is be­ing con­verted into The Av­enue, which in­cludes Plank­in­ton Clover Apart­ments, offices an­chored by Graef USA Inc. and the up­com­ing 3rd Street Mar­ket food hall.

The Walker’s Point build­ing, con­structed in 1890, has street-level commercial space and up­per-floor apart­ments, ac­cord­ing to city as­sess­ment records. It was sold by Me­quon-based Spooner Art De­vel­op­ment Corp., which lists Michael J. Spooner as its agent.

The build­ing’s restau­rant space is va­cant. It was last used by Likkle Ja­mayka, a Caribbean restau­rant.

Nearby de­vel­op­ments in­clude two apart­ment build­ings open­ing this spring: The Yards, a five-story, 87-unit build­ing at 223 W. Ore­gon St., and Tim­ber Lofts, a five-story, 60-unit build­ing at 300 W. Florida St.

Mean­while, the build­ing an­chored by The Diplo­mat restau­rant, 815-821 E. Brady St., has been sold to an in­vest­ment group led by that restau­rant’s chef owner.

That three-story, 3,600-square-foot build­ing was sold to Make A Fort LLC, led by Dane Bald­win, for $1.3 mil­lion, ac­cord­ing to state real es­tate records.

Bald­win in 2017 opened The Diplo­mat at the build­ing, which in­cludes up­per-level apart­ments.

The prop­erty was sold by 817 East Brady Street LLC, led by de­vel­oper Joshua Jeffers.

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