McFarland-based Sundown Capital LLC recently closed on its purchase of the Moorland Commons shopping center in New Berlin for $10,158,800, according to state records.
Moorland Commons is a 126,561-square-foot shooping center located northeast of Moorland and Beloit roads in New Berlin. The shopping center was sold in an online auction in October. The winning bid was $9,675,000 million. The $10,158,800 purchase price recorded with the state includes a five percent auction.com buyers’s premium.
The agent for Sundown Capital LLC is Steven Doran, who is the principal of Madison-based Lee & Associates Commercial Real Estate in Madison. Doren could not be reached for comment.
Tenants in Moorland Commons, built in 2002, include OfficeMax, Michaels, Buffalo Wild Wings, Subway, ATI Physical Therapy, GNC, Great Clips and U.S. Cellular. The shopping center’s anchor Target store is separately owned and was not included in the auction sale.
In 2012, the shopping center was the subject of a mortgage foreclosure whereby a Waukesha County judge ruled that the original owner, Madison-based EJP Moorland Commons LLC, was in default of $21.3 million on a 2005 mortgage. It was sold at auction to JPMCC 2005 – CIBC13 Beloit Road LLC, an affiliate of Miami Beach, Fla.-based LNR Property LLC, in early 2013.
