The new owners of a commercial building leased to the U.S. Postal Service and located northeast of East Juneau Avenue and North Jackson Street in downtown Milwaukee include an Illinois-based real estate developer.
According to state records, two investors groups — including an affiliate of Mokena, Illinois-based Location Finders International — acquired the building at 606 E. Juneau Ave. for $3.74 million.
The second buyer is MBOGO Properties LLC, of Homer Glen, Illinois.
The seller is Diane Building Corp., an affiliate of the Marcus family's Marcus Investments.
LFI said it would provide a comment on the deal by this afternoon. It had not done so by BizTimes' deadline.
The building is assessed at $2.4 million, according to city records. It was built in 1975 and totals 38,193 square feet.
According to its website, LFI focuses on the acquisition, development and "creation of innovative commercial real estate solutions" for its portfolio of 100-plus properties across the U.S.
Its portfolio has a concentration in the Chicagoland area, and includes small and large retail centers, medical office buildings, commercial buildings, single-tenant retail, development sites, manufactured-home communities, industrial parks and hotels. The portfolio is valued in excess of $500 million.
The USPS building is located on the same block of the planned Nova apartments. Milwaukee-based developer New Land Enterprises is building the 251-unit apartment complex in an L shape, meaning it will wrap around the USPS building on two sides.
That project drew criticism from the Marcus family. David Marcus sent a letter to the city this spring, when Nova was undergoing review by the Plan Commission, asking the city to delay the project.
In the letter, Marcus made clear Diane Building Corp. was not outright against the project. Rather, he said, the group did not have adequate time by that point to fully review the project and provide feedback. But, Marcus did express concern with the minimal distance between the two buildings.
The Common Council passed the proposed rezoning for Nova in March, according to city records. A subsequent tweak to the building's second-floor balconies was also approved by the Council in late July.
Representatives of Marcus Investments did not respond to a request for comment on its sale of the building.