The ComedySportz building on South 1st Street has been sold to a Milwaukee real estate firm, the latest in a long and growing number of recent transactions in the city's Walker’s Point neighborhood.
Richard Chudnow, the creator of Milwaukee’s ComedySportz, sold the building to Charles Gabaldon, owner of Gabaldon Properties for $1.8 million. For now, ComedySportz will remain a tenant in the building, Chudnow said.
"My wife, Jennifer and I will never sell ComedySportz unless it's to the players," said Chudnow, who started ComedySportz in 1984.
ComedySportz has been in its current location at 420 S. 1st St. since 2004. Chudnow said Gabaldon was very generous, keeping the rent the same and offering a six year lease plus extension.
"We had several other offers over the years, but waited for someone like Charles to come along who was willing to keep everything the same," Chudnow said. "We thought maybe we could get more money if we waited, but we didn't want the problem of being an owner any longer. And if we have to move, we're good with that."
Other tenants in the building include Central Bark Doggy Day Care and Habitat for Humanity Restore. The 42,479-square-foot building is assessed by the city of Milwaukee at $1.36 million.
Gabaldon and Iowa-based Kinseth Hospitality Companies planned to develop a 160-room Holiday Inn hotel in the Posner building at 152 W. Wisconsin Ave. in downtown Milwaukee in 2008, but later scrapped the project due to the economy.
The Posner building was later redeveloped into 105 apartments by Milwaukee-based HKS Holdings LLC.
The sale of the ComedySportz building is the latest in a long list of recent Walker’s Point prooperty sales and redevelopments.
Minneapolis-based Sherman Associates is planning to redevelop the Pittsburgh Plate Glass manufacturing buildings on South Barclay Street in Milwaukee’s Walker’s Point neighborhood into 115 market rate apartments.
Milwaukee developer Tim Gokhman is completing work on Trio MKE, a three-building, 120-unit apartment complex between 1st and 2nd streets.
Bloomington, Ind. –based Cedar View Management is converting the 90,180-square-foot property at 129-133 W. Pittsburgh Ave. into apartments with retail on the first floor, offices on the second floor and residential on the third through fifth floors.
Wauwatosa developer Stu Wangard is currently working on Freshwater Plaza, a $48 million mixed-use development that includes offices, 76 apartments and a Cermak’s Fresh Market grocery store.
Gabaldon could not be reached for comment and his plans for the 2.2 acre ComedySportz property are unknown.