Ashkenazy Acquires Shops of Grand Canal

MILWAUKEE, WI-The Manhattan real estate company Ashkenazy Acquisition Corp. has acquired the Shops at Grand Canal, the 290,000-sf retail component of a 1.5 million-sf mixed-use development here that includes a residential component, two hotels and office space. The retail space is spread across several two-and three-story buildings in downtown Milwaukee.

Local industry sources tell GlobeSt.com the sale price was between $35 million and $40 million and that the seller was Northwestern Mutual Life Insurance Co. The seller’s brokers, CB Richard Ellis EVP George Good and Gary Stein of the Placheck Co., declined comment on the sale price. Ashkenazy executive could not be reached Tuesday for comment.

The Shops of Grand Avenue has an attached five-level, 1,748-space parking garage. Other pieces of the overall development include residential properties, a 169-room Marriott Courtyard, a 131-room Marriott Residence Inn and ASQ Office Center.