September 11. 2013 9:00AM - Last modified: September 11. 2013 9:41AM

95-year-old Third Ward building sold for $4.5 million

  
Badger Investments LLC recently purchased the 95-year-old, seven-story office building at 219-39 N. Milwaukee St., in the city's Historic Third Ward neighborhood, from Phoenix Building LLC for $4.545 million.


The building sold for less than its $5.76 million assessed value, according to city records.

The 120,000-square-foot building is known as The Phoenix building. Originally built in as a manufacturing facility for Phoenix Hosiery Company, it was converted to office use and now houses over 25 tenants including the investment banking firm Grace-Mathews, The Richard & Ethel Herzfeld Foundation, Congresswoman Gwen Moore, Tory Folliard Gallery, Dickens Books, Culver Design, Eichenbaum & Associates, Stark Media and the Historic Third Ward Association.

Patrick Gallagher and Matson Holbrook of Siegel-Gallagher, Inc. represented Badger Investments LLC and Jack Jacobson of NAI MLG Commercial represented Phoenix Building LLC.

Badger Investments are owned by brothers Jim and Michael Swernoff, who plan to make improvements to the building that will include adding underground parking (in the basement) and upgrading the lobby, according to Siegel-Gallagher.

"We love the Third Ward as it reminds us of SoHo in New York and River West in Chicago where old industrial areas of those cities were transformed into progressive areas to live and work," said Jim Swernoff, who is also the owner of Lakeside Stoneworks. "We love the excitement of that part of the city."

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