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.
“It was not on the market,” said Michael Basofin, president of Cloverleaf Group. “(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.”
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 ‘n Save grocery store. A 10,000-square-foot addition was added 18 months ago to expand the grocery store and increase the shopping center’s size to 87,504 square feet.
“We’ve had a good experience in Kenosha,” Basofin said. “I can tell you Pick ‘n Save does very well there. Because of that, it’s an attractive place for stores to locate.”
Phillips Edison also owns the 189,116-square-foot Sendik’s Towne Centre in Brookfield.