The Midtown Center shopping center on Milwaukee’s northwest side has been sold for $22.1 million to an Atlanta-based entity, according to state records.
An affiliate of DLC Management Corp. sold 26.2 acres at 4100-4190 N. 56th St., 4101-4191 N. 56th St., 5704-5712 W. Capitol Drive, and 4076 N. 60th St. to Atlanta-based Laureate Capital LLC, according to state records. The properties have a total assessed value of $22.8 million, according to county records.
The site includes several retail buildings with tenants that include Pick ‘n Save, Planet Fitness, Foot Locker, GameStop, Subway, U.S. Cellular, Pizza Hut and Firestone.
The deal does not include the 15.2-acre former Walmart store site at 5825 W. Hope Ave. at Midtown Center. The Walmart store closed in 2016. The building was sold last year to an Iowa-based self-storage company for $3.28 million.
DLC purchased the 44-acre Midtown Center property in 2014 for $47.15 million.
Midtown Center was a redevelopment of the former Capitol Court shopping mall, which was one of Milwaukee’s first shopping centers and opened in 1956. Capitol Court was mostly vacant when it was acquired by Milwaukee-based Boulder Venture LLC in 2001. Boulder Venture demolished Capitol Court and built Midtown Center in its place.
Boulder Venture sold Midtown Center in 2004 for $53 million to an affiliate of Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. Retail Properties of America Inc. was spun off from Inland Western Retail Real Estate Trust.