Schlitz Park Sold
Plus: the Giuffre brothers divide their property. And The Urbanite temporarily closes.
The Schlitz Park office complex on the north end of Downtown has officially been sold for a price somewhere north of $100 million to a pair of real estate investment firms.
Crestlight Capital of Detroit and TPG Real Estate of Fort Worth now jointly own the 800,000-square-foot business park.
The complex, as it sits now, is fully leased with 39 tenants.
Giuffre Brothers Divide Their Real Estate Empire
The Giuffre brothers, who lead Mallory Properties and Giuffre Brothers Cranes Inc., are dividing their assets. And roughly $24 million in real estate is now up for sale.
The brothers, Dominic and Frank Giuffre, ran the company for 50 years. And now they are in a legal battle over the separation of their various business interests. As a result, 12 properties owned by the brothers are now up for sale, most of them in the Milwaukee area, as they work out the official separation of their business interests, which are estimated to be worth $100 million, Cary Spivak reported in the Milwaukee Journal Sentinel.
The properties are worth a combined $24 million, Alex Zank reported in BizTimes. Among them are notable buildings like the former Milwaukee Gaslight Co. property that is currently home to City Lights Brewing and Zimmerman Architectural Studios in the Menomonee Valley.
The Giuffre brothers dispute became public in June 2018 when Dominic filed a lawsuit against his brother Frank. In the suit he alleged that Frank engaged in everything from improper conduct, like being drunk at work, to fraudulent business practices, Spivak reported.
Urbanite Closed For Water Damage
A new 13-story apartment building at 1840 N. Farwell is closing for the next sixth months to repair water damage.
A fire protection sprinkler head burst sometime in December, leaking water into walls of The Urbanite. A number of these walls are going to be opened up to repair the damage, Tom Daykin reported in the Milwaukee Journal Sentinel. In the meantime, New Land Enterprises is having its tenants move, and is reportedly offering them spots in some of its other buildings with a couple months of free rent. A New Land official described the incident as an accident caused by a contractor.
The Urbanite is a mixed-use building with 153 apartments and 10,000 square feet of office space.
In Other News:
- Journal Building Nominated for Historic Designation
- The Mecca sports bar comes to Bucks entertainment center
- Construction starts on Michels’ River One
- Marcus Center temporarily granted historic designation
- Menomonee Riverwalk Designs Unveiled
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