An affiliate of Pierce Engineers Inc., a structural engineering firm currently located in Milwaukee’s Historic Third Ward, recently purchased the former Kramer Foundry building in Walker’s Point for $1.15 million, according to state records.
The two-story, 9,300-square-foot building at 170 S. 1st St. was sold by attorney Michael Polsky, a court-appointed receiver who sold the building through a receivership process under Chapter 128 of state statutes, which is similar to Chapter 11 of the federal bankruptcy law. Polsky sold the building for The 1818 LLC, an investment group led by developer Tim Dixon.
The building was built in 1895 and was previously occupied by Kramer Foundry. Dixon redeveloped the building. The first floor space is now occupied by a Colectivo café and Stack’d Burger Bar.
The building sold for well above its most recent assessed value of $789,000, according to city records.
In December, Pierce Engineers co-owner Randy Elliot said the firm plans to move from its current location in the Third Ward to occupy the second floor of the Walker’s Point building. The firm has 35 employees, including 24 in its Milwaukee office.
