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.
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.