Milwaukee industrial property purchased out of receivership
Alverino Jiminez, the owner of Lino’s Trucking LLC, recently purchased a 3-acre property at 920-1000 W. Bruce St. Milwaukee, with three buildings totaling 66,000 square feet of space, for $225,000 from Blackhawk Development LLC.
The property went into receivership under Blackhawk Development’s ownership. Richard Taylor of Global Capital Advisors LLC was the court appointed receiver on behalf of Community Bank & Trust.
Brian Parrish of The Dickman Company represented the receiver in brokering the sale of the property.
Blackhawk Development, a group of investors, had planned to redevelop the property into self store units, but then ran into financial problems, Parrish said.
The sale price was reduced several times before the property was sold for $225,000, “which is basically the land value,” Parrish said.
The three buildings on the property are in need of significant repair he said. Jiminez plans to repair the buildings. His trucking company will occupy about 20,000 square feet of the space, and he plans to lease the remaining space to other tenants, Parrish said.
