REIT to buy second phase of Waukesha retail development

Farmington Hill, Mich.-based real estate investment trust Ramco-Gershenson Properties Trust plans to purchase the second phase of the Shoppes at Fox River retail development in Waukesha, according to a real estate industry source. The deal includes 47,000 square feet of retail space occupied by TJ Maxx, Ulta, Rue and Charming Charlie’s, plus some undeveloped land, the source said.

The Shoppes at Fox River is located on the north side of Sunset Drive, east of West St. Paul Avenue in Waukesha. It was built by The Opus Group on a site formerly occupied by a Supervalu distribution facility.

A spokesperson for The Opus Group declined to comment for this story.

In 2010, Ramco-Gershenson purchased the 135,484-square-foot first phase of the Shoppes at Fox River, which includes Pick ‘n Save, Petco, Dollar Tree and Buffalo Wild Wings. The REIT paid about $23.8 million for the first phase of the development.

Construction of the existing retail space in the second phase of the Shoppes at Fox River was completed in October of this year. When the land in the second phase is completely built out it could have a total of 150,000 square feet of retail space.

The Target, CVS and Chili’s stores at the Shoppes at Fox River own their own buildings.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display