Pick ‘n Save to move Good Hope Road store

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Milwaukee-based Roundy’s Supermarkets Inc. plans to move its Pick ‘n Save store at 7830 W. Good Hope Road, Milwaukee, to the former Home Depot building at 7401 W. Good Hope Road.

"All I will say … is that we have signed a lease for this project, yet there is still much work to be done," said Roundy’s spokeswoman Vivian King.

The move will shift the Pick ‘n Save store from a 62,764-square-foot building northwest of Good Hope Road and North 76th Street to a 102,000-square-foot building southeast of Good Hope and 76th.

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The Home Depot store closed last summer when the Atlanta-based home improvement store chain closed 15 under-performing stores in the United States.

Milwaukee-based development firm Boulder Venture LLC is buying the building and the 10.8-acre site from Home Depot and will lease the space to Roundy’s. Jon Thoresen of Commercial Property Associates Inc. represented Home Depot in brokering the sale of the building.

"We had multiple offers," Thoresen said. Thoresen and Boulder Venture managing partner Robert Schmidt III declined to disclose the sale price for the property, but its assessed value is $8.549 million, according to city records.

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In the larger building, the Pick ‘n Save store will increase its employment by 25 percent, from about 200 now to about 250 in the larger building, which also will include a bank, a liquor store and a pharmacy, said Alderman Robert Puente.

"This move will also keep the sizeable property (the former Home Depot building) viable and generating traffic that will positively impact the other businesses in the area and along the North 76th (Street) business corridor," Puente said.

The new Pick ‘n Save store is expected to open in the fall, Schmidt said.

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McDonald’s, Napa Auto Parts, Culver’s and Starbucks have all opened new stores near the former Home Depot building in recent years, Thoresen said.

"It appears the corner has seen some revitalization in recent years," Schmidt said.

Boulder Venture plans to spend about $6.5 million to renovate the building and add landscaping to the property. The proposed project will be reviewed by the City Plan Commission during its meeting on Monday, Feb. 16.

The existing Pick ‘n Save building at 7830 W. Good Hope Road is owned by Good Hope Limited Partnership, which is trying to find a new tenant for the building, Puente said.

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