Franklin-based Outlook Development Group LLC plans to upgrade a pair of outlot retail buildings that it purchased recently in the Timmerman Plaza shopping complex on Milwaukee’s northwest side.
Outlook recently purchased two buildings, with a total of 13,500 square feet of retail space, for $1.45 million from Northbrook, Ill.-based Vision Realty Partners.
The buildings are attractive because of the new Walmart store and a Pick ‘n Save store that anchor the shopping center, said Outlook vice president of acquisitions Dan Jeserig. The Walmart store at Timmerman Plaza opened last year.
Outlook plans to upgrade the facades of the buildings that it has acquired and hopes to replace some of the tenants with national tenants that want to be located near the Walmart store and will be willing to pay higher rent, Jeserig said.
“There is about 5,000 to 6,000 square feet we would like to turn over to better quality tenants,” he said.
Some of the tenants are on month-to-month leases, which will make it easy to replace them once other tenants are found, Jeserig said. He declined to name what tenants Outlook hopes to replace.
The tenants in the buildings purchased by Outlook include: Tony’s Nails, Cell U Call, Gamestop, Boost Mobile, All Credit Lenders, Community Financial, Labor Ready, Guarantee Bank and a tobacco store.