Alton Enterprises LLC has sold the Hide House, a former tannery complex in Milwaukee’s Bay View neighborhood, to a group of investors for $1.96 million.
The investors, listed as Hide House 2007 LLC, are led by Mequon-based General Capital Group.
The buyers plan to convert the sprawling complex into residential condominiums, said Mark Smith, a broker with Pewaukee-based Judson & Associates, who brokered the sale for the buyer and the seller.
The Hide House, formerly the home of the Greenbaum Tanning Company, is located at 2625 S. Greeley St. The complex includes several buildings with 223,000 square feet of combined space on four acres of land, Smith said.
Alton Enterprises is owned by Al Bathrick, a retired former vice president of Robert W. Baird & Co. Inc., and his son, Gib Bathrick. The Bathricks describe their firm as a “socially responsible real estate redevelopment company.”
The company’s goal was to provide affordable office space for fledgling women-owned businesses, minority-owned businesses and independent artists. However, much of the Hide House remains vacant.
“I don’t think that panned out,” Smith said. “This sale has been in the works for the last year and a half.”
Hide House 2007 LLC plans to allow the leases of the existing tenants in the complex to expire and eventually will convert the entire complex to condominiums, Smith said.
“This is going to be a long-term project,” Smith said.
The principals of General Capital Group could not be reached for comment.
