Last updated on May 15th, 2019 at 05:05 pm
Chicago-based Speedwagon Properties purchased the Southport Plaza and Indian Trail Plaza shopping centers in Kenosha from Northfield, Ill.-based Raymond and Associates.
The two neighboring shopping centers have more than 612,000 square feet of space and are located at the intersection of Highway 50 and Green Bay Road.
Details of Speedwagon’s acquisition of the two shopping centers were not immediately available. The deal involves multiple parcels including one that sold for $6.7 million and another that sold for $950,000, according to state records. One source said the total sale price for the Kenosha properties is likely significantly higher than that.
The Kenosha shopping centers are part of a larger portfolio, which including multi-family residential properties and office building properties in Illinois, that Speedwagon acquired from Raymond and Associates, the source said.
An executive at Speedwagon could not be reached for comment.
Southport Plaza was initially built in 1994 for Target, Kohl’s Department Store and Jewel Foods. Indian Trail Plaza followed in 2006, with Lowe’s Home Improvement Center. The anchors of the shopping centers today include Gordman’s, Bed Bath & Beyond, Cinemark Theaters, Kohl’s, Hobby Lobby and Lowe’s Home Improvement Center. In addition, the shopping centers have more than 40 other retailers and more than 10 restaurants. Both shopping centers have a combined occupancy rate of 90 percent.
Mid-America Real Estate will manage and handle leasing for the two shopping centers.
“We are excited about the opportunity to manage and lease these two vibrant centers,” said Jim Vaillancourt, asset management director at Mid-America. “We’ve been successfully providing leasing services at Southport Plaza and Indian Trail Plaza for several years. Now by adding the asset management component, we will further enhance our ability to better serve the shopping centers and create value for the new owners.”