A Denny’s restaurant is planned at Highway 100 and Layton Avenue in Greenfield.
The Road Real Estate LLC purchased the 3,747-square-foot former Goody’s restaurant building on a 0.72-acre site at 4695 S. 108th St. from an affiliate of Milwaukee-based Phoenix Investors LLC for $800,000.
The Road Real Estate plans to renovate the building and operate it as a Denny’s restaurant.
“The acquisition of Hwy 100 & Layton was part of a larger transaction involving our purchase of notes and mortgages involving properties across the Milwaukee area from a private equity firm,” said Frank P. Crivello, executive vice president, Phoenix Investors. “As we re-position these properties we have and will continue to sell them as we achieve targeted prices.”
“Hwy 100 & Layton and other properties then purchased represented a value opportunity for Phoenix as these property types are away from our core focus of purchasing large former single tenant industrial facilities,” said David M. Marks, managing director, Phoenix Investors. “As we continue to own and enhance the adjacent shopping center, we are pleased to welcome Denny’s as a neighbor.”
The transaction was brokered by Jon Thoresen and Matthew Beadle of Commercial Property Associates Inc. and Duane Nimmer of The Nimmer Company.
