Sendik’s Towne Centre under contract to be sold

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Sendik’s Towne Centre, a 187,969-square-foot mixed-use retail and office development in Brookfield, is under contract to be sold, sources familiar with the deal told BizTimes Milwaukee.

Sendik’s Towne Centre is located on a 28-acre site southwest of Capitol Drive and Brookfield Road and is anchored by a 54,301-square-foot Sendik’s Fine Foods grocery store.

It is owned by Cincinnati-based Phillips Edison & Co., which bought the property for $15.4 million in 2011. Phillips Edison bought Sendik’s Towne Centre from BMO Harris Bank, which acquired the property after the original development group filed for Chapter 11 bankruptcy protection in 2009.

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In 2012 Phillips Edison spent $1.5 million to reconfigure the parking lot of Sendik’s Towne Centre.

Recently, Mandel Group Inc. began construction of a two-building, 56-unit luxury apartment development, called PrairieWalk at Towne Centre, at Sendik’s Towne Centre. The first residents are expected to move in next July.

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