More Financial News

Grand Avenue owners to sell shares at auction; Scottrade to open Oak Creek branch office

Grand Avenue owners to sell shares at auction

FMC Real Estate CDO 2005-1 Ltd. will conduct a public auction of membership interests in Grand Avenue City Mall LLC, the owner of the Shops of Grand Avenue in downtown Milwaukee.

According to a legal notice published last week in the Milwaukee Journal Sentinel, the auction will be held at on Tuesday, Oct. 26, at the Arnold & Porter LLP law offices in New York City.

The Shops of Grand Avenue, a 425,000-square-foot shopping center at 275 W. Wisconsin Ave. that opened in 1982 to much fanfare, has struggled for years with high vacancy rates.

FMC 2005-1 is a $439.4 million commercial real estate collateralized debt obligation (CDO) managed by SCFFI GP LLC, an affiliate of Five Mile Capital Partners LLC, according to a March report by Fitch Ratings. Stamford, Conn.-based Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003. The Firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity.

New York-based Ashkenazy Acquisition Corp. lists the Shops of Grand Avenue as part of its ownership portfolio.

“We’re not selling the mall itself, we’re selling some paper that is owed to somebody,” said William Mannion, the auctioneer who will conduct the auction. “It is a mezzanine loan. All we’re selling are membership interests in a company that happens to own the mall. We’re not selling the mall itself.”

Scottrade to open Oak Creek branch office

Scottrade will open a new online investing branch office in Oak Creek on Monday, Oct. 18.

The new office will be located in Centennial Center at 8880 S. Howell Ave., where stock brokers will be available at the branch office to answer questions and give tutorials on Scottrade’s online trading services.

"I’ve taught investors how to personalize their financial goals by using our interactive tools, including a variety of investment calculators and educational videos," said branch manager Jimmy Richards. "With these tools investors can make their own decisions and learn how to trade with more confidence."

Scottrade an online investing firm with the largest branch network in the country.

“Since Scottrade was founded 30 years ago, our commitment to providing local customer service to do-it-yourself investors has set us apart," said Scottrade founder and chief executive officer Rodger Riney. "While most of our customers trade online, our branch network of more than 475 local branch offices enables investors to receive personal support to take control of their financial future."        



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