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Nov. 13, 2012

Westwood Financial Pays $15.4M for East Pointe Retail Center

by Adriana Pop, Associate Editor

In a $15.4 million deal, Los Angeles-based Westwood Financial Corp. has acquired the 58,000-square-foot East Pointe Marketplace near Downtown Milwaukee from Mandel Group Inc, the Milwaukee Business News reported.

“Sale of this mature asset allows our firm to harvest some of our invested capital, in order to reinvest in current and future developments in the area,” Barry Mandel, president and chief executive officer of Mandel Group., told the Business News. The Chicago office of Holliday Fenoglio Fowler L.P. arranged the transaction on behalf of Mandel Group and its investment partner, Northwestern Mutual Life Insurance Co. Inc.

The retail center opened in 1993 and is anchored by a Pick N Save Marketplace. Einstein Bagels, Noodles & Company and Starbucks are also among the property’s tenants.

In other transaction news, East Bay Holdings L.L.C. has acquired Goll Mansion (pictured above), a 9,000-square-foot office building and Milwaukee landmark located on North Prospect Avenue on the city’s East Side. Association Bank sold the property for $835,000, the Milwaukee Business News reports. Michael Seramur of Ogden & Company, Inc. arranged the sale.

Currently, Goll Mansion is leased to Resolute Systems LLC, Craftsmen United Inc. and WebConduit Inc. New Land Enterprises acquired the building for $1.9 million in 2005. Three years later, New Land received city zoning approval to build a 26-story, 35-unit condo tower directly behind the historic structure. However, the project stalled during the economic downturn. Association Bank acquired the property in 2010 after New Land became unable to make loan payments.

One of the few mansions of its era remaining on the bluff overlooking Lake Michigan, Goll Mansion was the residence of local merchants Frederick and Eleanor Goll. They commissioned a building that was meticulously designed to resemble an early 17th-century English manor house, complete with exquisite hard-carved stonework.

Photo credits: www.city.milwaukee.gov

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