An affiliate of J. Jeffers & Co., led by Milwaukee real estate developer Josh Jeffers, has purchased a 128-year-old downtown Milwaukee building.
The four-story building, located at 518-22 N. Water St., was sold to Jeffers by RAM Real Estate Holding LLC for $1.4 million, according to state records.
The registered agent for RAM is Richard A. Meeusen, the chairman, president and chief executive officer of Brown Deer-based Badger Meter Inc.
The building has 16,592 square feet of space and has an assessed value of $1.12 million, according to city records. Its tenants include Fire on Water, M13 Graphics, Pin-It Live and a nail salon. The building also has seven residential apartments.
The building is in “really good condition,” Jeffers said, and no major changes are planned, he said.
“It’s a long-term hold for us,” he said.
Jeffers has completed or is working on several historic building redevelopment projects in Milwaukee, including the Mitchell Building at 207 E. Michigan St. and the Mackie Building at 225 E. Michigan St., which are on the same block as the 518-22 N. Water St. building.
He also plans to build a seven-story “mixed-use residential building” on a vacant lot on the block, which will be behind the 518-22 N. Water St. building.
Jeffers said his interest in buying the 518-22 N. Water St. building was largely because his firm is investing so much in the rest of the block.
