Deal of the week

Wangard Properties LLC recently purchased the 47-year-old, three-story, 30,348-square-foot former Park Manor Health Care Center nursing home building at 1824 E. Park Place, on Milwaukee’s east side, from New York-based SMV Milwaukee LLC for $1 million. Marilyn Haroldson of Equity Commercial Real Estate brokered the sale for the buyer and the seller.

The property was originally listed at $2.6 million, and some developers were willing to pay that price, Haroldson said. However, those developers wanted to develop student housing on the property, and those plans ran into political opposition, she said, killing those deals.

Wangard plans to begin demolition work of the building this week, according to spokesman Evan Zeppos. The demolition is expected to be complete by summer, when Wangard will begin construction of a four-story, 61-unit apartment building on the site. The construction for the apartment building is expected to be completed by June of 2009.

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