Milwaukee-based developer
Irgens Partners LLC recently closed on the acquisition of the former Boston Store building at Brookfield Square mall.
An Irgens affiliate bought the 17.1-acre property, which includes the 200,000-square-foot store building, for $5.62 million, according to state records.
It bought the building from a Miami Beach, Florida-based investors group. The Irgens affiliate is named Hephaestus Development Partners LLC. Hephaestus is the Greek god of fire, blacksmiths, sculptors, metalworking and other trades.
The property has an assessed value of $7.8 million, according to Waukesha County records.
Mark Irgens, chief executive officer and manager of Irgens Partners, revealed in November his firm planned to
acquire and redevelop the Boston Store property.
The redevelopment plans are still to be determined and could involve demolishing the former Boston Store building, or redeveloping it.
In an email, Irgens said his firm has spoken with retailers interested in potentially occupying the existing store building. Other prospective users have been interested in occupying newly built structures that could be built at the site.
"Irgens is looking at redeveloping the existing structure," Irgens said. "Since it was announced that we were purchasing it, there has been a lot of activity with inquiries from retailers regarding leasing the existing box. We have also received inquiries from users regarding our statements regarding the possibility of starting new and densifying the 16 acres with medical, office, hospitality, multi-family, fitness, entertainment and limited convenience retail in support of prior uses — horizontal mixed use development."
Irgens added, "It will come down to what makes sense regarding demand and economics."
Brookfield Square's Boston Store building is one of three that
went up for auction last year. None of them immediately
sold, though at least two of them caught the attention of local developers.
Milwaukee-based Barrett Lo Visionary Development
plans to turn the former Boston Store building at Southridge Mall in Greendale into as many as 790 apartments and 50,000 square feet of commercial space. The village owns the 219,800-square-foot building, which it purchased in July for $3.3 million.
The third area former Boston Store building that went up for auction last year is located at Mayfair Mall in Wauwatosa.
