Whitefish Bay retail building sold for $3.8 million

For the first time in 70 years, a 16,560-square-foot multi-use building stretching an entire city block along East Silver Spring Drive in Whitefish Bay has been sold to an undisclosed local private investor for $3.8 million.

The property, located at 205-227 E. Silver Spring Drive, was family built and owned by the Gebhardt Family since 1946. The parcel consists of two adjacent and nearly identical single-story retail buildings on the busiest retail corridor in Whitefish Bay.

The building is 78 percent occupied and is the current home to Orley Shabahang Corporation, Keller Williams Realty and Connolly Interiors, Inc. There is about 3,500 square foot of retail space available in the building.

According to state records, the Otto C. Gebhardt Family Trust sold the property to Erastus Investments II, LLC, in Whitefish Bay. Joe Carollo and Ned Purtell from RFP Commercial brokered the deal.