A three-story building on Main Street in Racine has sold to a Georgia-based non-profit for $4.5 million, according to state records.
The 128,000-square-foot brick building, located at 413 Main St., has retail space on the first floor and two stories of the Arcade Apartments above. It was built in 1921.
The property was sold by Chicago-based Arcade Partners LLC to Harmony Housing LLC.
The owner will be Harmony Housing, a Douglassville, Georgia-based non-profit that provides affordable rental housing across the United States
The first floor of the building is vacant and has been for at least two years.
The Downtown Racine Corporation was previously located there, but moved to 425 Main St. about five years ago. An insurance company was located at 413 Main St., but moved out about two years ago, according to Downtown Racine Corp.
The property was last sold for $4 million in 2014. It has an assessed value of $3.6 million.
