Marquette University continues to acquire real estate on the west side of downtown Milwaukee. The university recently purchased the Herzing University building, located at 525 N. 6th St., for $1.465 million, according to state records.
The two-story, 19,779-square-foot building was built in 1967 and has an assessed value of $1.282 million, according to city records.
The property was sold to Marquette by Menomonee Falls-based S&R Property LLC. The agent for S&R is Henry Herzing.
“Throughout this academic year, (MU) President (Mike) Lovell has emphasized a university priority to spur innovation and to increase our integration and collaboration with partners across the city and in our neighborhood,” said Marquette spokesman Brian Dorrington. “This property offers us a rare opportunity to reach beyond our traditional academic boundaries and extend further east. Similar to other properties we have recently purchased, the university found a unique opportunity to grow our campus in ways that previously did not exist. As a university, we feel that an essential part of our role is to impact the community around us. This purchase is another step in that direction.”
This is the third recent real estate purchase by Marquette on the west side of downtown Milwaukee.
Last fall, MU purchased a 7.5-acre site southeast of West Michigan Street and I-43. The site includes two buildings, a 132,334-square-foot office building and a 7,200-square-foot building, sold by Zilber Property Group for $5.25 million and a 4.6-acre site from the Wisconsin Department of Transportation.
MU recently purchased the 5,046-square-foot Butch’s Old Casino Steak House building at 555 N. James Lovell St. for $690,000.
Marquette plans to build a sports medicine/health and wellness facility, which will be a collaborative partnership between the Milwaukee Bucks and the university, on the sites acquired from Zilber, WisDOT and the owner of Butch’s.
