A Florida-based developer has acquired the former Shopko store building in West Bend, and plans to redevelop it.
On Friday, Corta Development bought the vacant retail building at 1710 S. Main St. for nearly $2.03 million, according to industry sources. The property has an assessed value of $4 million, according to Washington County records.
This marks Corta's third acquisition of former Shopko properties in the state. Cory Presnick, principal at Corta, said his firm also bought properties in Fond du Lac and Sheboygan. It has redeveloped the Fond du Lac store into Hobby Lobby and Big Lots stores, and is turning the Sheboygan location into Hobby Lobby and Ross Dress for Less stores.
"We've got a national retail client base we develop for," Presnick said. "We understand these Shopko boxes, and we have a pretty good plan on how to split them up."
Presnick said the 94,000-square-foot West Bend Shopko will get a similar treatment as the other two. He said it will have anywhere between two and four tenants. Work to the building could start in summer. Openings would not likely occur until 2023.
After the building is filled up, Corta will set its eyes on developing outlot buildings on the site, said Presnick. Marketing materials show spaces for up to four tenants in the Shopko building, and two outlots for fast food and casual dining users. The entire site totals roughly 9.4 acres.
Tom Treder of Founders 3 represented the seller, National Retail Properties. Mike Fitzgerald of Mid-America Real Estate Wisconsin LLC represented Corta Development in the deal, and is also representing Corta in leasing the space to tenants.