An affiliate of Milwaukee developer Joshua Jeffers has purchased a four-story office building in downtown Milwaukee for $1.55 million.
[caption id="attachment_322909" align="alignright" width="477"] 600 N. Broadway[/caption]
The 23,796-square-foot building at 600 N. Broadway is located on the corner of Broadway and Michigan Street.
The property is assessed by the city of Milwaukee at $1.45 million.
The building was constructed in 1868, fitting in with Jeffers’s portfolio, which includes investments in the historic Mitchell and Mackie buildings, which are also located on Michigan Street.
Anchor tenants in the 600 N. Broadway building include law firm End, Hierseman & Crain LLC, Mahler Enterprises and investment firm Bronfman E.L. Rothschild, L.P.
Tom Shepherd and Cory Sovine of Colliers International | Wisconsin represented the seller in the sale.
“There continues to be a lot of investment interest in downtown Milwaukee, especially for properties where value can be enhanced through renovations or lease up.” Shepherd said. “This is not a trend, investors are long on our market and they are forecasting a bright future for the central business district.”
Bruce Westling of NAI MLG Commercial represented Jeffers, who could not immediately be reached for comment.
The building is also located along the first phase of the Milwaukee Streetcar line, which is under construction.
"This acquisition is yet one more example of investment along the future Milwaukee Streetcar route by J. Jeffers & Co.,” Westling said. “The rehabs of the Mitchell and Mackie Buildings respectively are nearing completion while the surface parking lot south of the Mackie is poised for development.”
Jeffers, has been involved in several other projects recently. Last month, he purchased a 156,159-square-foot multi-tenant industrial building in West Allis for $4 million to use as an investment property.
In February, Jeffers purchased the City Center buildings at The Brewery complex in downtown Milwaukee from Cardinal Stritch University for $2.6 million with plans to convert them into market rate apartments.
He is also working with developer MelissaGoins of Maures Development Group LLC, to transform the historic Garfield Avenue Elementary School into apartments and reopen the Black Holocaust Museum in an adjacent development.