A Florida investor that has redeveloped vacant former Shopko store buildings in Wisconsin has sold the former West Bend Shopko building that it recently acquired to a Texas investment firm known for managing retail buildings.
Spirit Realty, L.P., of Dallas, purchased the building for $4.2 million on Monday, according to state real estate records.
Although the property has changed hands, Jay Schambeau, West Bend city administrator said plans to transform the store into a retail strip remain on track.
“The sale to Spirit Realty was always part of the plan,” Schambeau said, adding that renovation work is already taking place at the structure.
Construction could be completed by the end of the year.
Once the full build-out is completed, the property at 1710 S. Main St. will host a Five Below, Big Lots, and HomeGoods and Sierra.
Florida-based Corta Development bought the 94,000-square-foot West Bend Shopko building for nearly $2.03 million in late December. At the time, it was Corta’s third acquisition of a former Shopko property in the state. Cory Presnick, principal at Corta, told BizTimes that he had also bought properties in Fond du Lac and Sheboygan. Corta has since redeveloped the Fond du Lac building into Hobby Lobby and Big Lots stores.
Those redevelopments, and the plan for West Bend’s Shopko, are far different than the fate that awaits some other former ShopKo buildings. Larkspur Acquisitions, also of Florida, has plans to turn vacant former Shopko buildings in Beloit, Racine and Kenosha into self-storage facilities.
