Ace Hardware sold to Phelan Development for $2.5 million

The home of downtown Milwaukee’s National Ace Hardware, which is closing, was sold for $2.5 million to a group affiliated with Phelan Development. The 88,000-square-foot, three-story building, 1303 N. 4th St., which includes a 1.2-acre lot, was sold to Hardware HQ LLC, according to state real estate records posted Monday. The sale was brokered by …