Former Waukesha Ace building listed for $494,000

By Katherine Michalets - Freeman Staff

Oct. 1, 2015

The former Ace Hardware building is for sale with an asking price of $494,000.  
Charles Auer/Freeman Staff

WAUKESHA - The former Olson Ace Hardware store at 155 W. Main St. has been listed for sale for $494,000 by Anderson Commercial Group.

The store closed around the end of July after 65 years of doing business in the downtown area and after it was foreclosed upon by the bank.

Velocity Commercial Capital currently owns the building and listed it for sale about three weeks ago, said broker Christian Hlavinka.

So far he said the vacant building has been shown a few times to potential buyers, including to one group a couple of times.

Hlavinka said the area has “extremely good zoning” and there is a wide range of people interested in the property, including for restaurants, retail stores and community services. The former hardware store is a wide open space so it lends its self well to be repurposed, he said. The first floor has about 11,781 square feet of space and the lower level has about 9,200 square feet of space.

While the roof does need some attention, Hlavinka said the HVAC unit is not very old.

The price of the building is based on comparable building sales in the area.

Jennifer Andrews, community development director for Waukesha, said the master plan for the city shows a new building on the site. According to the master plan, the half block along Main Street and between Barstow and Martin streets lends itself to high density, more compact development. The area is also defined as a “key location.”

The plan also calls for three buildings with proper facades to complement the historic downtown and says a single building would be inappropriate because it would “further the perception of overly large scale building structures in the area.”