August 13, 2018
Milwaukee, WIS. – Transwestern today announces it brokered the sale of 2078 S. Fourth St., a 2-acre site at Becher Street and Interstate 94 on the Kinnickinnic River. The property was purchased for $2.1 million by Susan M. Matson Trust, which will be leasing the property to a new marina operator. Transwestern Executive Vice President Daniel Walsh and Executive Vice President John Dulmes represented the seller, Milwaukee Pier Inc., in the transaction. Fred Bersch of Bonnilake Realty represented the buyer.
“This property was a compelling investment opportunity; immediately viable as a successful marina with multiple avenues for product and service growth, and offering tremendous potential for future redevelopment,” said Walsh. “The new marina operator will benefit from the previous owner’s sterling reputation and the property’s rare combination of access to Lake Michigan and adjacency to a full interstate interchange, while the new owner is still in early on the long-term revitalization of the surrounding area, including the $100 million plan announced for the former Horny Goat property just across the river.”
The property features exceptional visibility and access to I-94. Its 400 feet of frontage include a boat launch and 16 boat slips up to 40 feet long on the recently dredged Kinnickinnic River, where it’s only 20 minutes to Lake Michigan. The site also includes two 2,500-square-foot boat storage warehouses and two service buildings of 900 and 720 square feet.
This is the second recent significant transaction in the Harbor District submarket for Transwestern. Marianne Burish sold the 3.6-acre Horny Goat property at 2011 – 2029 S. First St. in April 2017 and is currently marketing a 6.8-acre waterfront redevelopment opportunity at 1933 S. First St.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.