Drexel Town Square outlot retail building sold for $3.3 million

Building is 100% leased to five tenants

Photo courtesy of Mid-America Real Estate
Photo courtesy of Mid-America Real Estate

Last updated on January 20th, 2020 at 12:12 pm

A multi-tenant retail building on an outlot of Oak Creek’s Drexel Town Square was sold for $3.3 million, according to state records.

The building, located at 7940 S. Sixth St., was sold by DTS B5 LLC, which is affiliated with WiRED Properties and Phelan Development LLC. The two firms co-developed the building and others within Drexel Town Square.

It was sold to three LLCs that list an address in Cedar Rapids, Iowa. The address is for the office of homebuilder Skogman Homes and real estate agency Skogman Realty.

The building has an assessed value of $2.32 million, according to city records.

Carly Gallagher Kelly, vice president with Chicago-based Mid-America Real Estate Corp., and Andrew Prater, vice president with Mid-America’s Wisconsin office, were the exclusive brokers in the transaction on behalf of the seller.

The 7,882-square-foot building is 100% leased to five tenants: Associated Bank, Sport Clips, Bentley’s Pet Stuff, Charles Schwab and Tropical Smoothie, according to a news release from Mid-America.

A new 4,800-square-foot Panera Bread restaurant is being proposed at a vacant lot a block east of this building, at 7902 S. Main St.

Drexel Town Square is an 85-acre retail, commercial, residential and civic development southwest of Howell Avenue and Drexel Avenue. The former home of a Delco Electronics manufacturing center, the site was redeveloped by master developer Wispark LLC, the development arm of WEC Energy Group, with the assistance in city tax increment financing and a state grant.

This building isn’t the first Milwaukee-area retail property the Cedar Rapids investor has acquired in recent months. Through other affiliates, the buyer purchased a Walgreen’s store at 7130 S. 76th St., Franklin, for $6.95 million back in November.

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Alex Zank, former BizTimes Milwaukee reporter.

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