Mason St Ventures acquired the property from Sentinel Suites LLC, an Illinois-based investment group led by
Doug Young. The Illinois firm paid Milwaukee investor
Max Dermond $1.53 million in 2018 for the property. It was billed as 50% vacant at the time.
Now it’s 70% vacant.
Alex Zank, would turn the building into apartments.
“It’s a really cool building, a lot of history behind it, and it’s in a prime location right downtown,” Gollatz told Zank. “You don’t see many buildings like that come up for sale at a semi-affordable price point.” The property is assessed for $1.58 million.
The conversion could result in 30 apartments in the 30,848-square-foot building. Gollatz said his group is now talking with architects and contractors.
This underused, historic downtown Milwaukee office building has a new owner. It could be converted to apartments. Tom Daykin, Milwaukee Journal Sentinel
An underused, historic downtown Milwaukee office building could be redeveloped as apartments or other uses by its new owner.
The 10-story, 30,800-square-foot building, 225 E. Mason St., was recently sold for $2.1 million to Mason Street Ventures LLC, a local investors group, according to state real estate filings.
The building s occupancy rate is just 30% and it has low lease rates, said Adam Gollatz, Mason Street Ventures co-owner.
Mason Street Ventures is considering potential redevelopment opportunities, Gollatz said.
It isn t yet known whether the building will continue to provide office space or be converted to a new use, he said.