Earlier this spring, Milwaukee-based Cobalt Partners LLC announced it had completed the acquisition of nine properties along the South 70th Street corridor in West Allis related to its West Quarter development.
The properties were acquired for a total of $11.75 million. Eight properties are on the west side of the street, and were acquired by an affiliate of Cobalt from the West Allis school district for $7.25 million. The property on the east side of South 70th Street, the former site of Allis-Chalmers’ offices, was purchased from a New Mexico investor for $4.5 million.
The West Quarter project calls for 300,000 square feet of office space, 140,000 square feet of educational/institutional uses, 18,000 square feet of retail and a 128-room hotel. The project will include 125,000 square feet of existing space. Other buildings will be demolished. Cobalt envisions the development as a transit-oriented, amenity-rich district focused on industry, education and innovation.
Price: $11.75 million
Buyer: Cobalt Partners LLC
Sellers: School District of West Allis-West Milwaukee; 1126 West Allis Operating Associates LP
Size: More than 18 acres
