A Texas developer has purchased the long-vacant High Ridge Centre shopping center adjacent to Home Depot in Racine.
Stature High Ridge, LLC, of Fort Worth purchased the 261,024 square-foot shopping center at 2121 S. Green Bay Road on the city’s southwestern edge for just over $2 million from a Las Vegas area investor who himself had purchased the property in 2021. The deal does not include the attached Home Depot space, the buyer said.
Hunter Ryffel, a representative with Stature High Ridge, LLC, said Tuesday, that his company purchased the property via an auction. State real estate transfer records list the seller as Rhino Holdings, LLC of Henderson, Nevada.
Constructed in the mid-1990s, the 13-acre retail development was once home to several stores, including a K-Mart, but today only has the Home Depot store.
Stature High Ridge, LLC, is currently looking to rehabilitate the property with hopes to begin leasing out the center’s many available units, Ryffel said.
He added that there has been some interest from a developer representing Meijer grocery stores, but that it would require the demolition of the shopping center, a cost he said his company was not willing to take on.
“We actually have tenants that are already interested in leasing space,” Ryffel said.
Attempts to obtain a comment from Meijer regarding the property were not immediately successful.
Ryffel, who said he has not seen the property in person or been to Racine, has plans to meet with city planners about his plans next week. Matthew Rejc, Racine’s assistant city development director, confirmed those plans.