A partnership formed by Richard Ruvin and Fiduciary Real Estate Development Inc. recently purchased the 114-unit The Franklin at East Pointe luxury apartment complex at 1110 and 1212 E. Ogden Ave., Milwaukee, from Milwaukee-based Mandel Group Inc. Ruvin and Fiduciary have also worked together to convert the Blatz Apartments in downtown Milwaukee into condominiums, and also plans to convert The Franklin to condos. "We’re renovating the building as we speak," Ruvin said. "We will be marketing to the existing residents for the next few weeks and we will be marketing to the general public in about a month. We see this project as being somewhat similar to the Blatz. It is at a great location with terrific amenities. And 80 percent of the units will be priced below $250,000, which is where most new downtown condo developments start at." The sale price for the two-building property was not disclosed by Ruvin and Mandel. The Franklin was completed in 1999 as part of Mandel Group’s nine-block East Pointe redevelopment of the former Park East freeway corridor. This is not the only property that Mandel has sold lately. In January the company sold Lake Bluff at East Pointe, a 110-unit apartment complex which is now being converted to condos. Mandel Group also recently sold its Georgetown Square development in Brookfield to Hales Corners-based Wimmer Brothers. "We are currently at a time in the real estate cycle and economic environment when, due to historically low interest rates and low capitalization rates, both sales and refinancing are extremely attractive," said Barry R. Mandel, president of Mandel Group. "We evaluated our entire portfolio recently and completed a number of refinancings as well as deciding to sell The Franklin." At the same time, Mandel Group is completing the development of University Club Tower in downtown Milwaukee and Marine Terminal Lofts in the Third Ward, which have a combined value of $150 million, and just started work on the $175 million North End development, near the Park East corridor in downtown Milwaukee. In April, the company completed a $70 million acquisition of three suburban apartment communities which were originally developed by Mandel, adding 686 apartments to the company’s ownership and management portfolio.
Baltimore-based Tower Realty Investments recently purchased Badger Plaza, a 157,150-square-foot retail center at the corner of Durand Avenue and Kentucky Street in Racine. The shopping center’s tenants include a Piggly Wiggly grocery store, a Big Lots store and a Blockbuster video store. "Badger Plaza is an excellent example of what we want to buy," said Tower Realty owner Nate Tower. "The center is well located, has a strong performing grocery anchor with good lease term remaining, and the upside potential of vacant space in a solid market." Broad Reach Retail Partners LLC is now handling leasing and management of Badger Plaza.
