A building that houses a central city Milwaukee supermarket has been sold to an out-of-state investor for double its assessed value.

·2 min read
The Save A Lot building, 2322 W. Oak St., which was extensive renovated for the supermarket chain, has been sold for $1.65 million.
The Save A Lot building, 2322 W. Oak St., which was extensive renovated for the supermarket chain, has been sold for $1.65 million.

A building that houses a central city Milwaukee supermarket has been sold to an out-of-state investor for double its assessed value.

The 20,000-square-foot building, at 2322 W. Oak St., was sold to 2322 Milwaukee WI LLC for $1.65 million, according to newly posted state online real estate records.

The property's assessed value is $825,700, according to city records.

It is one block northwest of the intersection of West Fond du Lac and West North avenues The building was sold by Mequon-based Oak and Fondy LLC, which lists Gregory Martin as its registered agent.

The building is leased to a group which operates a Save A Lot limited assortment supermarket at that location.

The property's new ownership group is led by Dovie Sperlin, chief executive officer of Brooklyn, New York-based Affordable Housing Real Estate Corp.

Sperlin told the Journal Sentinel he bought the property as a long-term investment. He said Save A Lot has 10 years remaining on its lease.

"It's a blue collar neighborhood," Sperlin said. "People have to have a place to buy food."

Indeed, the Save A Lot is a rarity in Milwaukee's central city: a chain-operated supermarket. It opened in 2018.

It replaced a Lena's supermarket which operated for several years before closing in early 2016.

The building was remodeled extensively to accommodate Save A Lot, winning a Mayor's Design Award in 2019.

More: Deer District office planned for vacant space in Milwaukee's Fiserv Forum parking structure. That downtown site was envisioned for retail.

More: Downtown Milwaukee's newest office building has landed a sizable tenant. Old National Bank is leasing a floor at the Huron Building.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.

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This article originally appeared on Milwaukee Journal Sentinel: Milwaukee central city grocery building sells for twice its value