The new owner of the former Shopko store in Racine will use the building for self-storage purposes, according to those involved with the deal. The 100,010-square-foot retail building, located at 4801 Washington Ave., was acquired by 4801 Cogent Flagler LLC for nearly $2.66 million, according to Racine County Register of Deeds records. The buyer is an affiliate of Florida-based Flagler Storage Group LLC, said Dan Rosenfeld, a broker with Mid-America Real Estate Group's Wisconsin office. He added the company planned to use the building for self-storage. Attempts to reach Flagler Storage were unsuccessful. The Shopko property has an assessed value of $6.7 million, according to county records. Rosenfeld and Scott Satula, also of Mid-America, represented the seller in the transaction, 4801 Washington Ave LLC. The investors group is affiliated with New York-based Monarch Alternative Capital LP and Raider Hill Advisors. The Racine Shopko store was among 25 in Wisconsin and 79 nationwide the New York investment firms acquired in 2019.
Holiday flash sale! Subscribe to BizTimes and save nearly 40%!