A group of local investors plans to purchase a former Milwaukee voucher school near North 76th Street and West Brown Deer Road to attract future industrial tenants.
[caption id="attachment_152575" align="alignright" width="257"]
This former voucher school will become a space for industrial tenants.[/caption]
The 22,558-square-foot building, located at 8316-8350 N. Steven Road in the Granville Woods Industrial Park, will be purchased from Ceria M. Travis Academy Inc. for $1 million. The property is assessed by the city of Milwaukee for $604,000.
The building was formerly Travis Technology High School, a private Milwaukee high school run by a voucher school operator until 2014, when the Wisconsin Department of Public Instruction barred the school from the program.
Steve Sewart, a broker with Colliers International Wisconsin who is representing the group, said the goal is to convert the building back to its original purpose and lease it back to one to five industrial tenants.
“There are a couple of tenants in the building now who may stay, but we are planning to lease it with new business,” Sewart said.
The group plans to close on the building within the next few weeks, Sewart said. It has applied for a $300,000 loan with the Milwaukee Economic Development Corp. for the purchase of the building.