The property, at 2140 N. Prospect Ave., was sold to Phelan through an LLC called Coal Dog LLC. The seller was 2150 North Prospect LLC.
The 18,000-square-foot, two-story building was built in 1934.
Phelan said he is happy to have Izumi’s leasing space on the main floor and is actively pursuing office users for the roughly 3,500 square feet of office space on the second floor of the building, which is move-in ready.
“We are very excited to have purchased one of the iconic buildings of the East Side,” Phelan said. “This is a long term investment for my investment group. Beyond the obvious historic nature of the building, we were drawn to the location and the ability to own a landmark location on the East Side.”
Phelan Development has been involved in numerous projects including Café Hollander in Wauwatosa, Colectivo Café in Bay View and the UWM Innovation Accelerator.