Last updated on February 5th, 2020 at 01:09 pm
The new owners of Sprecher Brewing Co. have acquired the Glendale brewery property and a neighboring site for nearly $3.24 million, according to state records.
On Friday, a group of Milwaukee-based investors announced they had purchased the Glendale-based company from its founder and chief executive officer, Randy Sprecher.
An affiliate of the ownership group, Sprecher Property LLC, acquired the brewery building at 701-711 W. Glendale Ave. for $2.41 million and the neighboring property at 725 W. Glendale Ave., which includes a 33,900-square-foot office building, for $825,000, state records show. The real estate sales closed on Jan. 31 and the transaction was recorded with the state on Monday. Both properties were sold by Sprecher Brewing Company LLC.
The two properties have a total assessed value of $2.78 million, according to city records.
Sprecher Property LLC lists an address in Whitefish Bay that is owned by Sharad Chadha, the leader of the investors group that acquired Sprecher.
The Sprecher facility houses its brewery operations, and also features a gift shop, indoor beer garden and rathskellar. The building is billed as a place for group brewery tours, family parties, wedding receptions or rehearsal dinners, and can hold 125 people for a sit-down dinner and up to 250 for open-house style events.
The brewery is located directly west of Interstate 43.
Chadha is a former executive at GE Healthcare, Samsung Electronics, ABB and Electrolux, and is the new CEO of Sprecher Brewing Company.
In a recent interview with BizTimes, Chadha detailed the ownership group’s plans for growing the company. Those plans include a larger distribution footprint, new products and an additional local location in a highly-visible area.
Sprecher was established in 1985. It makes craft beer, soda, cider, hard seltzer and sparkling water.