Graham Kilmer
Plats and Parcels

Schlitz Park, River House Sold to Out-of-State Investors

Plus: Masonic Hotel construction planned for 2019.

By - Dec 23rd, 2018 07:49 pm
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Schlitz Park. Photo by Jeramey Jannene.

Schlitz Park. Photo by Jeramey Jannene.

Schlitz Park, a collection of office buildings in the former brewer, is under contract to be sold to a pair of out-of-state investors.

Terms of the deal were not immediately available, but the two investors, TPG Real Estate, based in Texas, and Crestlight, based in Detroit, will have 32 acres of prime real estate on the edge of Downtown and five office buildings that are nearly fully leased.

Gary Grunau, along with the Sampson family, bought the old Schlitz brewery more than 30 years ago. Now, transformed, the park has approximately 40 tenants.

Discussions concerning the sale began roughly two years ago, around the time Grunau and his partners sold the adjacent Manpower headquarters for $66.5 million, Sean Ryan reported.

River House Apartments Sold

The River House apartment complex along N. Water St. has been sold to a Seattle-based firm.

An affiliate of Weidner Apartment Homes purchased the two buildings, contained a combined 243 units, for $58 million. The apartment complex at 1785 N. Water St. was developed by Atlantic Realty Partners, an Atlanta-based firm.

The sale clears the way for Atlantic Realty to begin moving forward on the project’s second phase further east on N. Water St.

For more on the project, see Jeramey Jannene‘s coverage of the project’s 2017 opening.

Masonic Hotel To Begin Construction in 2019

A year behind the original schedule, construction is expected to start on the Masonic Hotel project in 2019. The hotel will sit atop the former Scottish Rite Masonic Center at 790 N. Van Buren St.

The developer, Ascendant Holdings, will incorporate the former Masonic center into the hotel, using it as the lobby, as well as dining and meeting space. Construction should start in June, Tom Daykin reported in the Milwaukee Journal Sentinel. The addition is planned to consist of a 14-story tower with 220 rooms.

For more on the project, see Jannene’s past coverage.

Barrett Lo Partners with National Property Manager

Barrett Lo Visionary Development announced it is partnering with a nationwide residential property manager to handle its properties here in Milwaukee.

Dallas-based Lincoln Property manages roughly 200,000 properties around the nation. Rick Barrett, Barrett Lo CEO, said its entry into the Milwaukee market will lend credibility to projects seeking national level equity or capital.

In Milwaukee, the partnership will operate under the moniker Lincoln Boulevard and handle approximately 1,000 Barrett Lo units, including The Moderne at 1141 N. Old World 3rd St.

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