Real estate deal of the week

Professional Placement Services LLC recently purchased the 16,016-square-foot building at 272 N. 12th St. in Milwaukee’s Menomonee River Valley, where it plans to move from its current location in the Historic Third Ward at 316 N. Milwaukee St.

The collection agency bought the Menomonee Valley building for $650,000, said David Barry of Colliers Barry, who brokered the sale for Professional Placement Services and for the seller, EL Enterprises Inc. The brick, two-story, 79-year-old building has an assessed value of $637,000, according to city records.

Professional Placement Services is growing and needs more space, said company president Craig Johnson. The firm occupies 3,300 square feet of space in the Third Ward. It will occupy the 8,000 square-foot second floor of the Menomonee Valley building and will lease out the 8,000-square-foot first floor until it can grow into that space as well.

The company has 30 employees and plans to add 30 more by the end of the year, Johnson said. The company has about $2 million in annual revenues and expects to grow that to $5 million "within the next few years," Johnson said.

The Menomonee Valley building is close to downtown and the Third Ward, with free on-site parking. It has the look and feel of a Historic Third Ward building, but was available at a more affordable price than Third Ward real estate, Johnson said.

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