Milwaukee-Based Fund 87 Buys 24% of Shares in Christiana Co.

Adding to an already complicated ownership puzzle, a Milwaukee-based investment group on Friday acquired 690,400 shares, or 24% of Christiana Co.’s stock for $6.375 a share.

Christiana’s stock closed Friday at 5, down one-eighth of a point.

Christiana, a San Diego-based real estate development company, described the Milwaukee group, Fund 87, as “well known in financial and investment circles in the Midwest.”

Western Federal Savings & Loan sold its 245,400 shares of Christiana stock directly to Fund 87, and Christiana sold the group an additional 445,000 shares that had been authorized but not issued.

The S&L; had been “bombarded” with offers for its Christiana shares, according to a spokesman.

Fund 87’s 690,400 shares constitute 24% of Christiana’s now-outstanding 2.9 million shares.

Two Fund 87 executives, Sheldon B. Lubar and James C. Rowe, will join existing Christiana board members Joseph P. Antonow, who serves as chairman; company President Raymond F. Logan, and James M. Holbrook. Christiana said Fund 87’s stock purchase would “strengthen Christiana considerably.”