Former Midtown Center Wal-Mart For Sale
Vacant since 2016, store will be auctioned off starting June 20. Starting bid is $825,000.
An anchor property at the Midtown Center shopping complex will hit the market next month.
The former Wal-Mart store will be auctioned off starting on June 20. The starting bid is set at $825,000.
“161,022 square foot anchor tenant retail property in the highly trafficked Midtown Center,” says the posting on auction service Ten-X. “Features excellent building and pylon signage visible to the 18,987 vehicles passing by on 60th Street.” It also touts traffic volumes on nearby W. Fond du Lac Ave.
But one need only look across the large surface parking lot to see what the future might hold. Starting in 2018, Phoenix Investors converted the vacant, 134,314-square-foot Lowe’s home improvement store into a distribution center. It is now leased to Sellars Absorbent Materials.
An auxiliary benefit of Phoenix’s purchase and redevelopment was the ability to parcel out the oversized parking lot for at least one outlot tenant in the future, an opportunity that the Wal-Mart property also presents. Boulder Venture has successfully executed that strategy with a former Home Depot on W. Good Hope Rd., recently securing approval to replace the former garden center with a Planet Fitness.
The big-box property, like most of the mall complex, is owned by an affiliate of New York-based DLC Management Corp. The shopping center specialist paid $47.2 million for the shopping center complex in 2014.
The Wal-Mart property is assessed for $4.7 million, down from a high in 2009 of $15.9 million. Phoenix paid $1.5 million for the Lowe’s store in 2016 when it was assessed for $4 million.
The auction is listed with Mid-America Real Estate brokers Dan Rosenfeld and Emily Gadomski.
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