MILWAUKEE — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 428,652-square-foot mixed-use property in downtown Milwaukee for $25 million. The building is located at 331 W. Wisconsin Ave. in the Westown neighborhood. The building is home to Boston Store and its corporate offices, The Bon-Ton Stores Inc. and Boston Lofts apartments. The iconic building was constructed in the late 1800s.
Boston Store, a department store, has occupied the building for nearly 100 years, with 123,434 square feet of retail space on the first and second floors. Bon-Ton’s corporate headquarters occupy 170,358 square feet on the third through fifth floors. Boston Lofts consists of 74 apartment units spanning 134,860 square feet on the top floors. Patrick Gallagher of CBRE represented the seller, WISPARK LLC. Urban Innovations will provide property management services for the building. The Mandel Group will continue to manage the Boston Lofts.