A local real estate investment group has purchased a retail building on Milwaukee's East Side for $1.54 million, according to state records.
The building is located at 1681-1683 N. Van Buren St., southwest of East Brady and North Van Buren streets. Its tenants include DigiCOPY
and Polished Nail Bar
Brookfield-based LV & JV Realty LLC
bought the 4,858-square-foot building from Milwaukee-based investors group TR Partners LLC. TR Partners is registered to Randall Roth.
Viet Vu of LV & JV Realty LLC said in an email the group had no immediate plans to renovate or make further investments in the property.
Roth said his holding company owns about 30 properties across the country. The Van Buren Street retail building has been in their portfolio since 2004. Roth's group redeveloped the former gas station and restaurant building into the multi-tenant building it is today.
"We felt it was the right time to (sell)," he said, noting strong market conditions.
The building was constructed in 1966 and underwent renovations in 2007, according to marketing materials.
Both tenants are on triple net leases, meaning tenants pay property taxes, insurance and maintenance in addition to rent. One lease is set to expire in 2025, with options to renew. The other is slated to expire mid-2028.
DigiCOPY's base rent comes out to $25 per square foot, which will escalate to $27.23 per square foot by 2027. Polished's rent is set at $18 per square foot.
Jeff Rowlett of Marcus & Millichap
marketed the property for sale.