The 23,331-square-foot building, located at 7220 W. Rawson Ave., has a 16-lane bowling alley, a 250-seat banquet hall, a bar and eight outdoor sand volleyball courts.
Root River Center was owned and operated by St. Nikolas Association Inc., which operates the St. Nikolas Serbian Orthodox Church in Cudahy. Root River Center closed in 2013 and the property was taken back last year by Landmark Credit Union.
A representative of the local investment group, who declined to be named, said the group will buy the property from Landmark Credit Union and plans to make $500,000 to $750,000 in improvements to the interior of the building, which was constructed in 1980. The 3,000-square-foot bar area will be remodeled into a sports bar and grill capable of operating independently from the rest of the Root River Center operation.
Additional improvements to the exterior of the building are planned for next year.
The local investors group plans to reopen Root River Center in June.