Cardinal Stritch University has purchased the City Center buildings it has been leasing at The Brewery complex in downtown Milwaukee for the last decade for $2.1 million.
Stritch had been in a multi-year lease agreement for the City Center location at 1037 W. McKinley Ave. Under the lease agreement, Stritch exercised the right of first refusal of a purchase offer and won court approval to buy the buildings from BC Pabst for $2.1 million.
The property consists of two buildings, a three-story 27,754-square-foot office building and a three-story 14,093-square-foot building. The property has an assessed value of $3.15 million, according to city records.
Cardinal Stritch President James Loftus said the university will be working with local developers to define the best use for the buildings to meet the future needs of the school.
“We are pleased that our offer to purchase the City Center buildings has been approved,” Loftus said. “Stritch has been a part of the Pabst Brewery redevelopment neighborhood in downtown Milwaukee for nearly a decade and we want to assure our students, faculty, staff, alumni and the community that programs offered by Stritch will continued to be offered consistent with our mission.”