The 32-acre Schlitz Park, now 100% occupied, has been sold
After signing an agreement in December to purchase Schlitz Park, the office complex created on the site and within some of the remaining buildings of the old Schlitz Brewery, TPG Real Estate and Crestlight Capital have announced that they have closed the deal and now own the sprawling complex.
Terms of the deal were not disclosed.
The 32-acre complex – which is bordered by the Milwaukee River, Brewers' Hill, Haymarket and Bronzeville neighborhoods – dates to 1870 as the former Schlitz Brewery. When the brewery closed after Schlitz was acquired by Stroh's in 1982, the land was purchased in 1983 by The Brewery Works, Inc., redeveloped into an office park.
Among the tenants of the park are the Milwaukee Bucks.
The legendary Brown Bottle Pub, which is operated by Schlitz Park, is housed there, and MPS' Golda Meir middle and high school programs are also on the site, but in a building now owned by the school district.
Though many of the classic Schlitz buildings have been razed, some do remain, including the Malt House and the stables, across Pleasant Street from the rest of the complex, which can easily be identified by the polychromed terra cotta horse heads jutting from the upper floor on two sides of the building.
During the years it was owned by Grunau and Sampson families – who led The Brewery Works group – many unique architectural details and objects were retained for reuse. A storehouse of them is located on the site.
After a multi-year, $30 million renovation, Schlitz Park reached 100 percent occupancy last June.
As TPGRE, headquartered in San Francisco, and Detroit-based Crestlight say they expect to announce their plans for the complex "in the coming months," the future of the Brown Bottle Pub is unclear.
"Schlitz Park is a regional landmark that ties together the unique history and promising future of Downtown Milwaukee," said John Coury, principal at Crestlight, in a statement issued Wednesday.
"As the property enters its next chapter, we look forward to building on the strong legacy the Grunau and Sampson families preserved by investing in new concepts that embrace Schlitz Park's active community and riverfront location."
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