An affiliate of Cincinnati, Ohio-based Phillips Edison & Company recently purchased the 160,533-square-foot Point Loomis shopping center on the south side of Milwaukee from an affiliate of Beachwood, Ohio-based DDR Corp. for $10.35 million, according to state records.
Point Loomis is located on a 14-acre site at the southwest corner of South 27th Street and Loomis Road. It has a 80,731-square-foot Kohl’s store, a 76,129-square-foot Pick ‘n Save store and a 3,673-square-foot Chase Bank branch building on an outlot. The shopping center has no vacant space. The property also has a surface parking area with 883 spaces.
The shopping center sale was marketed for DDR by Ben Wineman, Joe Girardi and Dan Rosenfeld of Mid-American Real Estate, according to a marketing flyer. Rosenfeld declined to comment on the deal.
Kohl’s has been a tenant at Point Loomis since 1981, Pick ‘n Save has been there since 1989 and the Chase Bank has been there since 1991. The tenants pay “well-below market rents,” with Kohl’s paying $4.34 per square foot, Pick ‘n Save paying $4.53 per square foot and Chase Bank paying $75,000 a year for a ground lease, according to the marketing materials for the shopping center.
The shopping center has pro forma net operating income of $759,025, according to the marketing materials.