Kenosha shopping center sold for $12.85 million

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Glenwood Crossings, an 87,504-square-foot shopping center in Kenosha, was sold by Northbrook, Ill.-based Cloverleaf Group to Cincinnati-based Phillips Edison for $12.85 million, or $146.85 per square foot, according to state records.

โ€œIt was not on the market,โ€ said Michael Basofin, president of Cloverleaf Group. โ€œ(Phillips Edison) first expressed interest a few months ago. They pursued the property. Once the price got to where it was (the deal) became a lot more attractive to us.โ€

The shopping center was built in 1990 and is located on a 10-acre site southwest of 18th Street and 30th Avenue on the north side of Kenosha. It is anchored by a Pick โ€˜n Save grocery store. A 10,000-square-foot addition was added 18 months ago to expand the grocery store and increase the shopping centerโ€™s size to 87,504 square feet.

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โ€œWeโ€™ve had a good experience in Kenosha,โ€ Basofin said. โ€œI can tell you Pick โ€˜n Save does very well there. Because of that, itโ€™s an attractive place for stores to locate.โ€

Phillips Edison also owns the 189,116-square-foot Sendikโ€™s Towne Centre in Brookfield.

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