Last updated on May 15th, 2019 at 05:05 pm
Speedwagon Properties, a Chicago-based real estate investment firm, paid nearly $43.7 million to purchase the adjacent Southport Plaza and Indian Trail Plaza shopping centers in Kenosha, according to state records.
BizTimes Milwaukee reported the deal earlier this month, but the total sale price was not initially disclosed. The deal involved five properties. The transaction for the fifth property was recorded Thursday with the state.
The two neighboring shopping centers have more than 612,000 square feet of space and are located at the intersection of Highway 50 and Green Bay Road.
They were sold by Northfield, Ill.-based Raymond and Associates, which was the original developer.
The Kenosha shopping centers are part of a larger portfolio, which includes multi-family residential properties and office building properties in Illinois, that Speedwagon acquired from Raymond and Associates.
Southport Plaza was initially built in 1994 for Target, Kohl’s Department Store and Jewel Foods. Indian Trail Plaza followed in 2006, with Lowe’s Home Improvement Center.
The anchors of the shopping centers today include Cinemark Theaters, Kohl’s, Hobby Lobby and Lowe’s Home Improvement Center. Hobby Lobby opened last year in a 55,000-square-foot space originally occupied by Jewel Foods.
In addition, the shopping centers have more than 40 other retailers and more than 10 restaurants. The shopping centers have a combined occupancy rate of 90 percent.
Mid-America Real Estate will manage and handle leasing for the two shopping centers.
Dan Rosenfeld and Teresa Shemitis of Mid-America Real Estate are handling leasing for the shopping centers. They are in negotiations with a grocery store tenant that would occupy 30,000 square feet of space, Rosenfeld said.
Jim Vaillancourt, asset management director at Mid-America, will lead the property management effort for the properties.
“We are excited about the opportunity to manage and lease these two vibrant centers,” said Vaillancourt. “We’ve been successfully providing leasing services at Southport Plaza and Indian Trail Plaza for several years. Now by adding the asset management component, we will further enhance our ability to better serve the shopping centers and create value for the new owners.”