Deal of the Week

34-acre possible retail development site sold along I-94 in Oak Creek
An undisclosed buyer purchased 34.1 acres of vacant land at 7581 S. 13th St. in Oak Creek from The Village at Manor Park Inc.
The buyer was represented by Peter Glaser of CB Richard Ellis and The Village at Manor Park was represented by Robert LeClaire of Grubb & Ellis|Apex Commercial.
The property is located along the east side of I-94, just north of Drexel Avenue. The state Department of Transportation will add an interchange at I-94 and Drexel as part of the reconstruction and expansion of I-94 between Milwaukee and the Illinois state line.
The buyer plans to build a retail development on the site, and thinks the Drexel interchange will make the site attractive for retailers, LeClaire said.
The Village at Manor Park purchased the property more than 10 years ago and originally planned to build a geriatric hospital on the site, LeClaire said. However, funding for that project was not available and The Village at Manor Park put the property on the market 4 or 5 years ago, he said.
The sale to the possible retail developer took about two years to complete and was complicated by the Great Recession, LeClaire said.
“It’s awful tough to buy land on spec right now,” he said.