The group that sold the owners of the Shops of Grand Avenue a surface parking lot in Milwaukee’s Historic Third Ward earlier this year has reinvested the money in a pair of Wauwatosa industrial buildings.
Patsy & Paul Inc., which is operated by members of the Ianelli family, purchased two Wauwatosa industrial buildings with a combined 74,000 square feet at 12000 W. Wirth St. from Outlook Wirth LLC, of Muskego, for $7 million, according to state records. The property has an assessed value of about $4.7 million, according to county records.
[caption id="attachment_321199" align="alignright" width="354"] 12000 W. Wirth St.[/caption]
The purchase was made to avoid capital gains penalties and will be used as an investment, said family attorney Henry Piano.
“They have worked very hard from the time they were young and decided to make sure they would continue to reinvest in the Milwaukee area,” Piano said, adding that the existing tenants are going to remain in the building.
In February, an affiliate of the owners of the Shops of Grand Avenue purchased the 0.79-acre surface parking lot at 333 N. Water St., on the southwest corner of East St. Paul Avenue and North Water Street, from long-time owner Paul Ianelli for $5.6 million.
In April 2016,BizTimes reportedChuck Biller and Tony Janowiec, owners of the Milwaukee-based Aggero Group, had an option to purchase the property with plans for a hotel and multi-family housing development on the site.
Real estate sources familiar with the project said Monday the owners of the Grand Avenue have been meeting with hotel developers in recent months regarding the Third Ward site.
Biller and Janowiec could not immediately be reached for comment.