A subsidiary of Menomonee Falls-based Continental Properties Company Inc. recently sold the former Target building at Southport Plaza in Kenosha to an investor from Idaho for $9.2 million, according to state records.
Target closed its store in Southport Plaza in 2008 when it opened a new store in Pleasant Prairie.
Continental Properties bought the former Target store building at Southport Plaza from Minneapolis-based Target Corp. in 2012 for $2.385 million, according to state records. The building has an assessed value of $3.37 million, according to city records.
The 91,407-square-foot retail building is located on a 9.7-acre site at 7450 Green Bay Road. The building was vacant when it was acquired by Continental Properties. The firm split it into two retail spaces and leased them to Bed Bath & Beyond and Gordmans.
The building is attached to the south end of the Southport Plaza shopping center, located northwest of Highway 50 and Green Bay Road. The rest of the shopping center has a different owner, said Kyle Matthews, who brokered the sale of the former Target building.
The building was purchased by Kenosha Southport LLC of Sun Valley, Idaho, according to state records. The agent for Kenosha Southport is Rea Hook, according to state records.
The sale of the building was part of a 1031 excange for the buyer, Matthews said. Under section 1031 of the Internal Revenue Code, when an investment property or a business property is sold, the owner can use the funds from the sale to purchase a similar property, and not be liable for capital gains taxes on the profit from the sale of the initial property.
