Deals of the Week

New Berlin office building sold for $2.5 million
Mills Taylor Enterprises LLC, a group of Kenosha investors, recently purchased the 36,722-square-foot, 27-year-old office building at 2520 S. 170th St., New Berlin, from Percom Investment Company LLP (a group of Milwaukee area investors). The building is completely occupied by NCO Group Inc. Tom Shepherd and Mike Fardy of Inland Companies represented the sellers and Steve Mills of Bear Realty represented the buyers in brokering the sale. “It was not a distressed sale,” Shepherd said. “It was a seller that wanted to sell, but didn’t have to. It was not a bank deal, a short sale or a distressed sale, and that’s a little unusual these days.”

Summerfest to purchase vacant Third Ward building for $815,000
The board that operates Summerfest plans to buy a building formerly used by Charter Wire in Milwaukee’s Historic Third Ward.
The building will be demolished to create room for 463 parking spaces, said John Boler, vice president of sales and marketing for Milwaukee World Festival Inc.
The Milwaukee World Festival board voted to purchase the 38,360-square-foot vacant industrial building, located on a 1-acre site, for $815,000. The building is owned by the Glass family, which leased it to Charter Wire, Boler said.
The building is located adjacent to an existing Summerfest parking lot and is connected to the larger Charter Wire building, which is located at the southeast corner of East Polk Street and North Jackson Street.
Charter Wire’s lease for the Glass family building expired at the end of 2009, Boler said.
Charter Wire, a division of Charter Manufacturing Co. Inc. that produces steel wire used in the auto, construction, defense, energy and lawn and garden industries has moved its operations out of the Third Ward to the Menomonee River Valley.
When asked if the Summerfest board is interested in purchasing the larger Charter Wire building, Boler said, “no comment.”
The building that the Summerfest board is purchasing will provide needed parking space for now, but it could be developed in the future, Boler said.
“Should there be any other development opportunity down the road we will take a look at that,” he said.

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