A former Westbury Bank branch in Brown Deer has been sold by an affiliate of Milwaukee-based commercial real estate firm Phoenix Investors LLC to the Village of Brown Deer for $3 million.
Phoenix purchased the property, located at 4301 W. Brown Deer Road, from a Westbury Bank affiliate in 2014 for $800,000.
The village plans to convert the building into the new Brown Deer Public Library. It also acquired two other parcels used for overflow parking from Phoenix, which it plans to use for future strategic development, according to an announcement from Phoenix.
Phoenix also donated $1.5 million to the Village of Brown Deer for the library.
"Having purchased the former Westbury Bank branch in 2014, we were good stewards of these properties, investing in the extensive tenant buildout required by the U.S. government, which resulted in the occupancy by various branches of the U.S. Armed Forces for recruitment. Now, having the ability to facilitate the occupancy of the remainder of the building by the Brown Deer Public Library on the exit of our investment completes the revitalization process," said Anthony Crivello, executive vice president at Phoenix Investors.