The building that houses The Bay restaurant in Whitefish Bay was sold to an Illinois investor.
The new owners say the restaurant will remain and the building will eventually undergo improvements.
According to state records, investor group Silver Consaul Investments LLC acquired ownership of the restaurant at 342 E. Silver Spring Drive for $ 900,000. The seller was Silver Fox Properties LLC, a subsidiary of the Milwaukee-based developer New land companies.
Silver Consaul is registered at a Deerfield, Illinois address. It is headed by Eteri Zaslavsky and includes a number of local investors.
Newmark Knight Frank’s Kevin Schmoldt and Brian Vanevenhoven have put the property up for sale.
Zaslavsky said in an email that Silver Consaul was drawn to the community of Whitefish Bay, the Silver Spring Drive commercial corridor, The Bay as a tenant of the restaurant, and the building’s proximity to nearby Consaul Commons. The Bay has an existing lease with renewal options for “the foreseeable future,” she said. Improvements to Consaul Commons are expected to take place later this year.
The block was recently presented in a print edition of BizTimes Milwaukee.
“The bay will continue to be a gathering place for the community of Whitefish Bay and surrounding areas,” bay owner James McMahon said in a statement. “We look forward to working with our new owner in the future. “
The building will undergo renovations, although the specific work to be carried out there is still undetermined. The renovations to the building will complement the improvements at Consaul Commons, the statement said.
“Our mission is to be a good partner for our tenant and to improve the building as a benefit for the community,” Zaslavsky said. “We are just starting to assess the opportunities. “
Zaslavsky is General Manager of Skokie, Ill. Next Realty LLC, but the company was not involved in the deal, she said.