Last updated on November 6th, 2020 at 01:09 pm
Cobalt Partners LLC has acquired a West Allis office property southwest of West Lincoln Avenue and I-41, in an effort to assemble a potential 5-acre development site.
An affiliate of the Milwaukee-based developer acquired the 18,400-square-foot office and storage building at 2356 S. 102nd St. and a neighboring vacant parcel for $1.43 million, according to state records. The two parcels collectively are assessed at $2.23 million, according to city records.
The property was acquired from Schlafbrunnen Properties LLC. The entity is registered to Ron Baake, chief executive officer of The Sleep Wellness Institute Inc., an occupant of the building.
Scott Yauck, president and CEO of Cobalt, said his firm owns the neighboring building to the south, at 2400 S. 102nd St. All Cobalt-owned parcels there are nearly 5 acres combined.
“I saw this as a potential redevelopment opportunity with the combined parcels having some reasonable acreage,” Yauck said in an email. “It is also adjacent to the south of the newly developed hotel (the Holiday Inn Express & Suites at 10201 W. Lincoln Ave.) and has good access from both Lincoln Avenue and National Avenue.”
He said Cobalt had some potential concepts for the site before the COVID-19 pandemic hit. Those plans are on hold for now.
Other office buildings along that stretch of 102nd Street have changed hands in recent months.
This summer, a group of investors bought Lincoln Center II and III, at 2514 S. 102nd St. and 10150 W. National Ave., respectively, for $8.77 million. Then in the fall, Milwaukee-based F Street Group acquired Lincoln Center I at 2448 S. 102nd St. for $2.43 million.