Investor buys Downer Avenue buildings for $11.25 million

Buildings total 61,000 square feet, assessed at $6.32 million

Downer Avenue. Credit: Google
Downer Avenue. Credit: Google

Last updated on April 6th, 2020 at 09:25 pm

A Seattle-based real estate investor has acquired for $11.25 million a pair of properties along North Downer Avenue on Milwaukee’s East Side, with tenants including the Downer Theatre, Cafe Hollander, Pizza Man, Henry’s Tavern, Stone Creek Coffee and Boswell Book Co., among others.

Included in the transaction are the buildings located at 2608-2650 N. Downer Ave. and at 2551-2597 N. Downer Ave., according to state records posted this week. The buyer is an affiliate of Seattle-based Bridge33 Capital LLC.

The buildings total nearly 61,000 square feet, and consist of retail space, offices and two residential units.

The buildings were marketed as The Downer Avenue Retail Collection by JLL’s Chicago office. The JLL marketing materials, describe the buildings’ retail tenants as an “internet-resistant” mix of fitness, service, entertainment and restaurant users.

According to city records, the properties have a collective assessed value of approximately $6.32 million.

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Alex Zank covers commercial and residential real estate for BizTimes. Alex previously worked for Farm Equipment magazine and also covered statewide construction news at The Daily Reporter. He graduated from the University of Wisconsin-Eau Claire, where he studied journalism, political science and economics. Having grown up in rural western Wisconsin, Alex loves all things outdoors, including camping, hiking, four-wheeling and hunting.

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