Midtown Center sold for $47 million

An affiliate of Tarrytown, N.Y.-based DLC Management Corp. purchased the Midtown Center shopping center in Milwaukee for $47.15 million, according to state records.

The shopping center was sold by an affiliate of Oak Brook, Ill.-based Retail Properties of America Inc. The deal was recorded Wednesday, April 2.

Midtown Center is a 408,499-square-foot shopping center located on a 44-acre site at Capitol Drive, Fond du Lac Avenue and North 60th Street on the north side of Milwaukee. It is anchored by Walmart and Pick ‘n Save stores. Other tenants include Office Depot, Payless ShoeSource, Starbucks, Gamestop, Foot Locker, Rainbow and Anna’s Linens.

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.

Today Midtown Center is 92 percent leased, according to DLC Management Corp.

However, that does not include the 134,000-square-foot former Lowe’s store, which closed in 2009, at Midtown Center. The former Lowe’s store is still owned by Mooresville, N.C.-based Lowe’s Home Centers LLC, according to city records, and apparently was not included in the sale to DLC Management Corp.

Representatives for DLC and Retail Properties of America declined to comment on the deal when contacted today by BizTimes Milwaukee.

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