Sendik’s Towne Centre under contract to be sold

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.

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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