Neroli owner buys Third Ward building for $2.95 million

Susan Haise, the owner of Neroli Salon & Spa and of The Institute of Beauty and Wellness, announced that she has purchased the 5-story, 39,000-square-foot former Milwaukee Antique Center building at 341 N. Milwaukee St. in Milwaukee’s Historic Third Ward for $2.95 million, or $75.64 per square foot, from Milwaukee & St. Paul LLC.
Haise was represented by Steve White and Josh Minkin of CB Richard Ellis and the seller was represented by Ned Purtell of RFP Commercial in brokering the sale.
The building has an assessed value of $2.275 million, according to city records.
The building was purchased by Badger Pacific Equity Partners in 2006, for about $1.9 million. However, the investment group’s mixed-use redevelopment plans for the building, including plans for a Melting Pot fondue restaurant, never came to fruition.
In February, Haise plans to move The Institute of Beauty and Wellness to the building from its current location in 12,000 square feet of space at 342 N. Water St., which is located about two blocks to the west of the building she purchased.
The first four floors of the building will be used for training facilities, classrooms and salon space. The top floor of the building will be used for office space for Neroli and the Institue of Beauty and Wellness.
The former Antique Center building will be remodeled into an education center and corporate office, Haise said. The facility will serve as an Aveda training center for full and part-time students in cosmetology, esthiology, massage therapy and manicuring. The building will also function as a salon.
“Our goal is to create the next level of excellence in training,” Haise said. “This facility will enable us to create an environment that inspires our students to become highly skilled, well trained salon, spa and medical professionals.”
The redevelopment project for the building is being designed by Cedarburg-based Kubalo Washatko Architects and will be built by New Berlin-based Beyer Construction.