An investment group purchased the former MGIC data storage center in the Miller Valley for $3.25 million and will convert the 90,284-square-foot building into Wauwatosa Self Storage.
Despite the name, the property is located in the city of Milwaukee at 5151 W. State St.
A press release from
Founders 3, which brokered the sale, notes that the climate-controlled self-storage facility will include 444 units totaling 63,500 net rentable square feet. Unit sizes will range from 50 square feet to 300 square feet with more than two dozen configurations.
The facility is expected to open this summer, the press release says.
The redevelopment is being led by
Steve Rolfe of
Midland Commercial Development Corp.,
William Wirth of
Luft Consulting and
Jordan Nelson of
Nelson Development.
Founders 3 industrial specialists
Brett Deter and
Scott Revolinski brokered the deal.
Built in 1949, the State Street building was originally occupied by Morley-Murphy Company, a distributor of home appliances and industrial generators before being sold in the 1980s to MGIC, which used it for document storage and then data storage.
[caption id="attachment_606488" align="aligncenter" width="1024"]
The renovated space at 5151 W. State St. Rendering submitted by Founders 3[/caption]
