The Mercantile Lofts building, a four-story, 123-year-old structure in Milwaukee's Walker's Point neighborhood, has been sold to an Illinois-based boutique real estate investment firm for $6.7 million, according to state records.
Built in 1900, the Mercantile Lofts building is located at 611 W. National Ave., at the southwest corner of South 6th Street and West National Avenue.
It was formerly an office building, occupied by Esperanza Unida. The city seized the property in 2014 when Esperanza Unida failed to pay property taxes. In 2016, developers completed a project to covert the upper three floors of the building to 36 apartments.
The building has been sold by an affiliate of Oshkosh-based Alliance Development to an affiliate of Evanston, Illinois-based Greenwood Beach Partners, according to state records.
The property has an assessed value of $3.6 million, according to city records.
The building is known locally for the 60-foot by 152-foot "Mural of Peace" on the south side of the structure, which is highly visible from I-43. The mural was created by artist Reynaldo Hernandez in 1994.
[caption id="attachment_567887" align="aligncenter" width="1280"] Mural of Peace, located on the south side of the Mercantile Lofts building. Image from Google.[/caption]