Midtown Center Being Auctioned Off
New York ownership group offering shopping center for sale, with opening bid of $7 million.
A large shopping center in the middle of Milwaukee is headed for the auction block.
Midtown Center, the shopping center bordered by W. Capitol Dr., W. Fond du Lac Ave. and N. 60th St., is for sale.
The 10 buildings included in the auction are 80% occupied according to the listing. They include a total of 241,283 square feet of leasable space.
The properties DLC is selling are anchored by a Pick ‘n Save grocery store and Planet Fitness gym.
“This location of Pick ‘n Save has increased its sales revenue by 25% from pre-pandemic volumes. In the neighborhood, there are over 400,000 residents within a five-mile radius who expend more than four billion [dollars] in the community annually,” says the listing from brokerage firm Jones Lang LaSalle (JLL). The online auction will take place from Feb. 27 to March 1 on Ten-X.
A November 2022 listing from JLL says the grocery store’s lease was extended through 2027. That report says there are 11 vacant spaces, totaling 50,943 square feet, in the complex.
Other properties are visibly part of the shopping center, but not included in DLC’s holdings. Generally described, DLC’s properties are located at the southwest corner of the site and entirely west of N. 55th St.
It will be the second time DLC has auctioned a portion of the shopping center in the past year.
An affiliate of Affordable Family Storage (AFS) paid $3.28 million for the 15.24-acre former Walmart property in July. The storage company is now pursuing a proposal to add a self-storage facility hidden by new outlot buildings, new retailers and a food truck park. But AFS needs a zoning change from the city to enable the plan.
A former Lowe’s store, just north of the Walmart property, was sold by DLC in 2016 for $1.5 million and redeveloped into a warehouse in 2018.
“Midtown Center is primed as an advantageous value-add acquisition in a resurging market. A new investor can acquire a renowned tenancy while driving further profitability through vacancy lease-ups,” says the listing.
A 31,884-square-foot, grass lot, 4350 N. 60th St., is listed as owned by DLC in city property records, but is not included with the auction and is not contiguous to the properties.
DLC owns the properties through Mid Milk Improvements LLC.
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