Deal of the Week

Vacant, 104-year-old central city building sold for $850,000
North Carolina based The Landmark Group recently purchased a vacant 4-story, 94,796 building at 2200 N. 31st St., in the central city of Milwaukee, from Milwaukee real estate investor and developer Keith Terry for $850,000. The property, located southeast of North Avenue and 31st Street, sold for well above its assessed value of $272,000, according to city records. The deal was brokered by Jeff Horn of Grubb & Ellis|Apex Commercial. The building is 104 years old and is obsolete for modern manufacturing usage, Horn said. Landmark is getting tax credit from the Wisconsin Housing and Economic Development Authority (WHEDA) and plans to convert the building into a 66-unit affordable apartment building, Horn said.