Real estate deal of the week

Famous Labels store to boost Brown Deer Road
The portion of the Brown Deer Road retail corridor near the former Northridge Mall has struggled with numerous retail space vacancies since the mall closed in 2003. However, one shopping center in that area just landed a major new tenant and is nearly fully leased up.

Las Vegas-based Famous Labels 2 Inc. plans to open a Famous Labels store in a 31,847-square-foot space at Highland Plaza, 8560 W. Brown Deer Road, Milwaukee. Famous Labels is a women’s discount clothing and home goods store. Famous Labels sells clothing items that are normally priced between $30 and $300, for $20 or less. The retailer specializes in the purchase of closeouts, liquidation and overstock items and sells them in a no-frills atmosphere that allows them to keep prices down. The store plans to open in late November.

The 95,118-square-foot Highland Plaza shopping center is owned by Northbrook, Ill.-based The Cloverleaf Group Inc., which bought the shopping center in 2006. Highland Plaza is anchored by a K&G Menswear store, is now 94 percent leased, according to Dan Rosenfeld, principal at Mid-America Real Estate-Wisconsin, who is also the shopping center’s exclusive leasing representative. Other recent new leases in the shopping center include: Animal Crackers and Dry Clean Discounters. In addition, Cousin’s Submarines Sandwich Shop and Half-Price Books recently renewed their lease.

The Cloverleaf Group has worked to improve Highland Plaza adding a new roof, updating the parking lot and improving the façade, signage and landscaping. "That’s the care that not only keeps current tenants, but, we believe, was a major selling point for Famous Labels," said Michael Basofin, president of The Cloverleaf Group. "Famous Labels’ arrival is a great endorsement, not only for Highland Plaza, but for the neighborhood’s continuing redevelopment efforts."

Other stores along that portion of Brown Deer Road include Target, Wal-Mart, Best Buy, Toys R Us and tenants in the former Northridge building (now called Granville Station), including Menards and Pick ‘n Save.

 


The Harp Irish Pub sold

Joseph Zilber, the founder of Milwaukee-based Zilber Ltd., announced that one of his family partnerships has entered into an agreement to sell The Harp Irish Pub property at 113 E. Juneau Ave. in downtown Milwaukee to investor and restaurateur R.C. Schmidt. Terms of the sale, which is expected to close in August, were not disclosed. The Zilber Family Partnership has owned the property since 1985. The building is currently leased to Edison & Juneau Inc., which is owned by Mitchell Wakefield, doing business as Harp Irish Pub.

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