Inner City Redevelopment Corp. recently sold the 34,486-square-foot Brooks Plaza retail building at 2303-49 N. Dr. Martin Luther King Jr. Dr., Milwaukee, to 2349 LLC for $1.1 million, or about $31.90 per square foot. The building is located at the northeast corner of King Drive and North Avenue.
The buyer plans to open a grocery store in a corner space that was formerly occupied by a Walgreens store.
The building was constructed in 1984. The sale price was considerably below the assessed value of $2.37 million, according to city records.
Tenants in the building include Time Warner Cable and a JPMorgan Chase bank branch.
NAI MLG Commercial brokers Scott Satula and Bruce Westling brokered the sale for Inner City Redevelopment Corp.
2349 LLC is led by Anup Khullar, the owner of Andy’s gas stations in the Milwaukee area. 2349 LLC plans to open a “traditional” grocery store in a 12,125-square-foot corner space that was formerly occupied by a Walgreens store, Satula said. The space was vacated when a new Walgreens store was built two years ago on the east side of King Drive between Hadley and Locust streets.
A grocery store could provide an anchor for the Bronzeville district redevelopment efforts, which withered during the Great Recession.
“That intersection for a long time has been viewed as a gateway to the Bronzeville district,” Satula said.