The building that houses The Bay restaurant in Whitefish Bay has been sold to an Illinois investor.
The new owners say the restaurant will remain and the building will eventually undergo improvements.
According to state records, investors group Silver Consaul Investments LLC acquired the restaurant property at 342 E. Silver Spring Drive for $900,000. The seller was Silver Fox Properties LLC, an affiliate of Milwaukee-based developer New Land Enterprises.
Silver Consaul is registered to a Deerfield, Illinois address. It is led by Eteri Zaslavsky and includes a number of local investors.
Kevin Schmoldt and Brian Vanevenhoven of Newmark Knight Frank marketed the property for sale.
Zaslavsky said in an email that Silver Consaul was attracted to the Whitefish Bay community, the Silver Spring Drive retail corridor, The Bay as a restaurant tenant and the building’s proximity to the neighboring Consaul Commons plaza. The Bay has an existing lease with renewal options for the “foreseeable future,” she said. Improvements to Consaul Commons are scheduled to take place later this year.
The block was recently featured in a print edition of BizTimes Milwaukee.
“The Bay will continue to be a gathering place for the Whitefish Bay community, and areas nearby,” The Bay owner James McMahon said in a statement. “We are looking forward to working with our new landlord in the future.”
The building will undergo renovations, though what specific work will be done to it is still undetermined. The building renovations will complement the improvements at Consaul Commons, according to the statement.
“Our mission is to be a good partner to our tenant and to enhance the building as a benefit to the community,” Zaslavsky said. “We are just beginning to evaluate opportunities.”
Zaslavsky is managing director of Skokie, Illinois-based Next Realty LLC, but the firm was not involved with the deal, she said.
Tim Gokhman, managing director of New Land, said the sale of The Bay building was part of an overall strategy for the firm to sell some of its smaller assets. New Land sold six smaller apartment buildings in the last year, Gokhman said.
New Land also owns the retail building next door that includes the Fox-Bay Cinema Grill. Gokhman said his firm does not plan to sell that building.
