St. Paul Storage LLC recently purchased the 125,000-square-foot, seven-story warehouse building at 420 W. St. Paul Ave. in Milwaukee from Ace Industrial Properties for $3 million.
The 97-year-old building has an assessed value of $2.3 million, according to city records.
Kurt Van Dyke of DTZ Barry brokered the sale for St. Paul Storage LLC and John Kuhn and Bill Quinlivan of Siegel-Gallagher represented Ace Industrial properties.
The buyer is a Chicago-based group that develops self-storage facilities, Van Dyke said. They plan to convert the building into “upscale” self-storage space, which will be heated and air conditioned and will have a state-of-the-art security system, he said.
Most recently the building has been used for file and records storage, Van Dyke said.