An undisclosed buyer placed the winning bid of $9.675 million to purchase Moorland Commons, a 126,561-square-foot shopping center located northeast of Moorland and Beloit roads in New Berlin, in an online auction completed Wednesday.
The buyer is a real estate investor that does not wish to be named at this time, said Dan Rosenfeld, principal of Mid-America Real Estate Group, which represents the property owner. The buyer’s identity will be a matter of public record when the sale closes, he said.
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.
The shopping center will be 95 percent leased upon the successful completion of a lease for Dunham’s Sports, which will take occupancy of the last remaining anchor space and will occupy 48,734 square feet at Moorland Commons.
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, in early 2013.