An affiliate of Milwaukee-based Phoenix Investors, LLC has purchased the Mound Avenue Business Center in Racine for $2.4 million.
Phoenix bought the property at 1220 Mound Ave., from Mound Avenue Associates, LLC, a subsidiary of the SC Johnson Company.
The 800,000-square-foot, four-story, mixed use industrial and office building was originally developed in 1928 as a new modern headquarters and printing plant for Western Publishing Company and served in that capacity until shortly after Western Publishing was sold in 2001.
The property is part of Racine’s RootWorks river redevelopment plan that the city is hoping will revitalize the downtown.
The building is currently occupied by approximately 30 tenants including 21st Century Preparatory School and several offices.
Phoenix Investors plans to solidify the current leases and renovate the complex, according to a written statement.
“We are supportive of the City of Racine’s redevelopment efforts, and are looking forward to helping the community continue to redevelop this area,” said David Marks, managing director of Phoenix. “We are looking forward to a close working relationship with the City.”
