Shoppes at Wyndham Village in Franklin sold for $12.8 million

Northbrook, Ill.-based Cloverleaf Group recently purchased the Shoppes at Wyndham Village shopping center in Franklin from an affiliate of Greenwich, Conn.-based Starwood Capital Group for $12.8 million, according to state records.

Dan Rosenfeld, a principal with Mid-America Real Estate-Wisconsin LLC, brokered the sale for Starwood Capital and Joe Girardi and Rick Drogosz of Mid-America Real Estate represented Cloverleaf Group.

The Shoppes at Wyndham Village, developed in 2008, is located at 7780 S. Lovers Lane Road, southeast of Highway 100 and Drexel Avenue. The 220,000-square-foot shopping center is anchored by Target and Pick ‘n Save stores, but Target owns its store there so that store was not part of the property acquired by Cloverleaf Group, Rosenfeld said. Cloverleaf acquired four buildings with a total of 96,269 square feet of space: the Pick ‘n Save store and three outlot buildings. The deal also included three vacant outlot parcels, Rosenfeld said. One of the outlot parcels is under contract to be sold to a financial institution that will build a bank or credit union branch there said Rosenfeld, who declined to name the institution.

The Shoppes at Wyndham Village was built by Franklin-based developer Mark Carstensen. He filed for bankruptcy in 2011.

A Starwood Capital Group affiliate owned a note on the property and then acquired the property from Carstensen for $11.5 million in a foreclosure acution in early 2012.

The occupancy rate of the Shoppes at Wyndham Village rose from 77 percent prior to Starwood acquiring it to 91 percent today, Rosenfeld said. Mid-America brokered five lease deals at the shopping center for a total of 13,493 square feet of space for Starwood, he said.

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