Fox Point-based real estate firm General Capital Group is hoping to rezone the former Target store building on West Brown Deer Road in Milwaukee and market it to potential industrial tenants.
The change is happening as the retail market continues to struggle and the industrial market prospers, with vacancy rates in the low single digits.
David Jubelirer, partner and head of acquisitions for General Capital Group, said the company does not currently have a tenant lined up for the 118,461-square-foot building, which is still owned by Minneapolis-based Target Corp.
The property is assessed by the city of Milwaukee at $2.5 million.
“We like the continuing strength of the northwest side for industrial and manufacturing uses and our goal is to bring more businesses and jobs to the area,” Jubelirer said.
The city’s Zoning, Neighborhood and Development Committee will review General Capital’s request to rezone the property from regional business to light industrial next month.
Target closed its Northridge store at 8501 W. Brown Deer Road in early 2016. The building has been vacant since.
The retail corridor along Brown Deer Road has been in distress since Northridge Mall closed in 2003. Since then, Best Buy, Lowe’s, Walgreens, Stein’s Gardens and Gifts, Circuit City, Stein Mart and Target have closed their stores between North 60th and 91st Streets.
In February, General Capital Group purchased the former Sam’s Club building at 7701 W. Calumet Road to convert it to industrial space and lease it to Sellars Absorbent Materials, Inc., a local paper towel and wet wipe distributor that was looking for additional space.
The 138,480-square-foot Sam’s Club building has been vacant since August.
