January 20, 2017
Cobalt Partners, headquartered in Milwaukee, inked a $6.8-million contract with the West Allis-West Milwaukee School District to acquire four West Allis school properties. The properties include a parking lot, administrative office and alternative high school building on the west side of South 70th Street. The deal also has a parking structure nearby.
Under the purchase agreement, Cobalt has 180 days to conduct due diligence and work with district officials before buying the land. Meanwhile, the school district would have until the end of October to move operations out of the properties, though there would be an option to continue leasing space from Cobalt after that time.
If the deal closes, the district will use proceeds from the sale to pay off existing debt, and to resolve current financial issues.
For comments, questions or concerns, please contact Amy Sorter