Address: 12000 W. Wirth St., Wauwatosa
Buyer: Patsy & Paul Inc.
Seller: Outlook Wirth LLC
Closing date: Early June
The group that sold a surface parking lot in Milwaukee’s Historic Third Ward to the owners of the Shops of Grand Avenue earlier this year has reinvested the money in a pair of Wauwatosa industrial buildings.
Patsy & Paul Inc., which is operated by members of the Ianelli family, purchased two Wauwatosa industrial buildings with a combined 74,000 square feet at 12000 W. Wirth St. from Outlook Wirth LLC, of Muskego, for $7 million.
The purchase was made to avoid capital gains penalties and will be used as an investment, said family attorney Henry Piano.
“They have worked very hard from the time they were young and decided to make sure they would continue to reinvest in the Milwaukee area,” Piano said, adding that the existing tenants are going to remain in the building.
In February, an affiliate of the owners of the Shops of Grand Avenue purchased the 0.79-acre surface parking lot at 333 N. Water St., on the southwest corner of East St. Paul Avenue and North Water Street, from longtime owner Paul Ianelli for $5.6 million.