The Corners of Brookfield developers continue acquiring properties just west of the mixed-use development, with the latest being a vacant former KFC building.
According to state records, the KFC building at 20351 W. Bluemound Road was sold for $1.4 million to Newfield Holdings LLC, an affiliate of United Kingdom-based IM Properties.
IM Properties, which has a Chicago office, makes up one-half of the joint venture that developed The Corners.
This deal comes about a week after state records revealed the same IM Properties affiliate purchased the 98-room La Quinta Inn hotel, at 20391 W. Bluemound Road, for $6.25 million.
IM Properties, along with Bradford Real Estate Cos., took over The Corners project in 2015 under a joint venture called Brookfield Corners LLC.
The Corners is a 750,000-square-foot development southeast of West Bluemound and North Barker roads, in the town of Brookfield. It consists of retail, restaurants, entertainment and apartments.
A spokesperson for The Corners did not immediately respond to a request for comment on this latest deal.
Previously, the spokesperson declined to comment on the La Quinta acquisition. “We have no details to share at this time, and we don’t comment on speculation,” the spokesperson said in an emailed statement.
The La Quinta and KFC properties account for two of the three parcels that lie between The Corners and the Barker Road-Bluemound Road intersection. The parcels together total about 4.2 acres.
It so happens that the remaining parcel not owned by Newfield Holdings is for sale. It contains the building that formerly housed Jose’s Blue Sombrero in Brookfield, which closed permanently following a fire in January. The restaurant was operated by Wauwatosa-based DeRosa Corp., and county records show the land is owned by an affiliate of DeRosa.
In announcing the restaurant closure, DeRosa Corp. said it has entered into a contract to sell the restaurant property later this year. Joseph DeRosa, owner of DeRosa Corp., declined to comment on the pending sale.