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.