The vacant site is east of the Wendy’s restaurant on South Howell Avenue, seen here on the left with the yet-to-be-developed Drexel Town Square site on the right in this 2013 photo looking south on Howell.
Sean Ryan
Reporter- Milwaukee Business Journal
A 3.4-acre property near Drexel Town Square in Oak Creek will be listed for sale after its owner gave it to Sabal Financial Group LP to avoid a foreclosure.
The vacant land is at 275 E. Drexel Ave., across Howell Avenue from the large site where several buildings are under construction at Drexel Town Square. An affiliate of California-based Sabal Financial this month took ownership of the property from a Pleasant Prairie owner through a deed in lieu of foreclosure, according to state records.
The property was valued at $840,000 in the transfer.
Mark Schnoll, partner in Colliers International/Wisconsin, said he will soon start listing the property for sale on Sabal’s behalf. It has the potential for retail or medical office development.
“I’ve got a developer looking at it for a specific use,” Schnoll said. “With Drexel Town Square right there, there is a lot of activity.”
Reporter Sean Ryan covers commercial and residential real estate for the Milwaukee Business Journal and through the Real Estate Roundup blog on the website. He also covers construction, highways and public transit.
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