A group of New York investors has acquired the Marketplace of Brown Deer for $10.25 million, according to state records.
The shopping center was sold at a deep discount and was pitched as having substantial lease-up and redevelopment potential.
Marketplace of Brown Deer is northwest of West Brown Deer and North Green Bay roads. It totals roughly 405,000 square feet on 36.6 acres, according to a marketing brochure.
It was acquired by a number of investors groups affiliated with Mason Asset Management and Nadmar Realty Group. Both investment firms are based in Great Neck, New York.
Beachwood, Ohio-based Retail Value Inc. sold the property. In a news release, the company said net proceeds were used to repay mortgage debt.
The buyers did not immediately respond to a request for comment.
The retail property consists of three parcels that have a combined assessed value of roughly $34.37 million, according to Milwaukee County records.
Its tenants include Pick 'n Save, Burlington, Michaels, Bob's Discount Furniture, Party City and Office Depot, among others.
It was marketed for sale by Mid-America Real Estate Wisconsin. The firm pitched the shopping center as a substantial value-add opportunity. According to the marketing brochure, there is 165,742 square feet of vacancy as of the first quarter.
These vacancies could present lease-up opportunities, and allow investors to turn big box retail spaces into other uses including multi-family, self-storage or lodging. There is also a vacant outlot and three-tenant outlot building that could be sold off.
Kohl's closed its location there in 2016. T.J. Maxx likewise has relocated its store to Grafton. The move took place this spring.