De Pere-based grocery store operator Festival Foods recently purchased the former Target store building at 4777 S. 27th St., Greenfield.
According to state records, an affiliate of Festival acquired the vacant 130,000-square-foot building from Target Corp. in late January for $4 million. Festival purchased the 21.9-acre site for well under its assessed value of $7.1 million.
Representatives of Festival did not return calls seeking comment on the transaction.
The building was constructed in 1970. Target closed its store there about a year ago along with five other under-performing stores across the U.S.
Festival Foods, meanwhile, entered the Milwaukee market in November when it opened a new location in Hales Corners. That 67,000-square-foot store was built on the site of a former Kmart store.
Address: 4777 S. 27th St.
Buyer: MKB Greenfield LLC
Seller: Target Corp.
Price: $4 million