Developer buys Prospect Avenue property

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An affiliate of Milwaukee-based Dermond Property Investments purchased the two-story building at 2150 N. Prospect Ave. occupied by Izumi’s, a Japanese restaurant.

The restaurant occupies the first floor of the building. The upper floor has about 4,000 square feet of vacant office space.

The Dermond affiliate purchased the property for $835,000 from an affiliate of Newport Beach, Calif.-based Sabal Financial Group L.P.

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The two-story, 8,000-square-foot building was constructed in 1934 and sits on a 0.4-acre lot. The property has an assessed value of $810,000, according to city records.

The sale was brokered by Mark Schnoll and Mike Wanezek of Colliers International|Wisconsin.
Dermond has not indicated its plans for the property, Schnoll said. The building is protected by a historic overlay district so city officials would not permit it to be torn down, he said. However, Dermond would be allowed to put up a new building on the parking lot behind the building, Schnoll said.

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