JLL closes sale of downtown Milwaukee retail collection
The two-building property also houses office and multi-housing units
CHICAGO, April 28, 2020 – JLL Capital Markets announced today that is has closed the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee, Wisconsin.
JLL marketed the property on behalf of the seller, C-III Asset Management. Bridge33 Capital purchased the asset.
Situated on 1.48 acres at 2551 and 2650 N. Downer Ave., the two buildings are on both the west (2551) and east (2650) sides of Downer Avenue in a walkable, amenity-rich area of downtown Milwaukee. The buildings are within walking distance to Milwaukee’s new streetcar, The Hop, along with several MCTS bus stops, and the buildings have immediate access to two major Interstates, Interstates 94 and 794. Completed in 1916, Downer East is home to a variety of service and internet-resistant tenants, including Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, Café Hollander, Downer Wine and Spirits and Robert Laurence Salon and Spa. Downer West was completed in 1912 and contains two multi-housing units in addition to its retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, Optix on Downer, Boswell Book Company and Starbucks. Both buildings were renovated in 2006.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Senior Director Janice Sellis.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About C-III Asset Management
C-III Asset Management is a special servicer and originator of CMBS loans and is a wholly owned subsidiary of Greystone & Co., based in New York City.
About Bridge33 Capital LLC
Based in Seattle with an office in Las Vegas, Bridge33 Capital LLC is a vertically integrated real estate company focused on value-add investments. Since 2013, Bridge33 has acquired over 3.4 million square feet of retail and office properties in 17 states.