Milwaukee Business Journal: Shops of Grand Avenue sold to local buyer group for $24.5 million

MILWAUKEE -- The Milwaukee Business Journal reports a buyer group led by Milwaukee-based Interstate Parking Co. has purchased The Shops of Grand Avenue for $24.5 million, and is laying plans to retain stores while adding new uses for its vacant spaces, the Milwaukee Business Journal has confirmed.

According to the Business Journal, the transaction will mark the first time in a decade that the downtown mall on West Wisconsin Avenue has been locally owned. Over that time, it has shed retailers and been the subject of ongoing discussions of how to revive the key downtown Milwaukee property. The most recent owner is a company led by Alex Levin, a Brooklyn real estate investor who bought Grand Avenue for $16.5 million in November 2014 through an online auction, beating out a local group of community leaders.

CLICK HERE to read much more on this story from the Milwaukee Business Journal.