An affiliate of Atlanta-based RCG Ventures purchased 40 acres of land, 26 of which is developable, at Somers Market Center in the Town of Somers in Kenosha County.
RCG-Somers LLC bought the land from Bank of America for $2.38 million, according to state records. Patrick Gallagher and Matson Holbrook of Siegel-Gallagher Inc. brokered the deal for Bank of America.
Somers Market Center is located northwest of Green Bay Road and 38th Street. It was origianally developed by a Chicago-based developer prior to the Great Recession and is anchored by Walmart and Sam’s Club stores. Despite the presence of those anchors the developer was unable to attract additional development to the site and lost the real estate to the bank during the recession.
Kenosha-based Bear Development also has a contract to purchase a 20-acre parcel at Somers Market Center, where it plans to build 296 apartment units.
RCG Ventures is a real estate investment company. The firm recently created a development arm, which is what purchased the Somers Market Center land, Gallagher said. That land, will be marketed for sale for retail developments or to retail tenants for build-to-suit deals, he said.
“We have a few tenants looking at it already,” Gallagher said.