Chicago Company Buys Boston Store Building in Downtown Milwaukee
North Wells Capital announced the purchase of 331 W. Wisconsin, a 428,652 square-foot mixed-use building located in the heart of the Downtown West Milwaukee Business District. The iconic building is home to Boston Store and its corporate offices, The Bon-Ton Stores Inc., and also includes Boston Lofts apartments. The building was bought for 25 million dollars.
Howard R. Conant Jr., President of Urban Innovations, commented, \"We're excited about the acquisition of 331 West Wisconsin because it is both a continuation of the Urban Innovations operating model and our first acquisition in Milwaukee, a market we're really enthusiastic about.”
Jerry Franke, president of WISPARK, commented, “North Wells Capital and Urban Innovations are committed to the long term success of this property. Their purchase secures hundreds of corporate jobs, prime retail space, and popular downtown apartments. It’s a win for West Wisconsin Avenue and Milwaukee.”
Built in the late 1800s, 331 W. Wisconsin is a highly recognizable building located in the heart of Milwaukee’s burgeoning Westown neighborhood, where the new Milwaukee Bucks arena is under construction and the relocation of the Milwaukee Symphony Orchestra is under consideration.
Boston Store has occupied the building for nearly 100 years. The retail store occupies 123,434 square feet on the first and second floors, and Bon-Ton's corporate headquarters occupies 170,358 square feet of office space on floors 3 through 5. Bon-Ton Stores, Inc. is a publicly traded operator of 262 department stores, including Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger's, and Younkers.
Boston Lofts, a 74-unit apartment complex, totals 134,860 square feet on floors 6 through 9, plus 56,785 square feet devoted to a 129-stall underground parking garage. The complex offers spacious floor plans, including 49 one-bedroom, 19 two-bedroom, and six three-bedroom units.
The Mandel Group will continue to manage the Boston Lofts.