Three Milwaukee-area former Boston Store buildings have been handed back over to their lender in a tax in lieu of foreclosure deal, according to state real-estate transaction records posted this week.
The three buildings included in the transfer to an affiliate of Bank of America Merrill Lynch are located at Brookfield Square mall in Brookfield, 15875 W. Bluemound Road; Southridge Mall in Greendale, 5300 S. 76th St., and at Mayfair Mall in Wauwatosa, 2400 N. Mayfair Road.
They were acquired from New York-based real estate investment trust W.P. Carey Inc. In 2015, W.P. Carey acquired the buildings as part of an $88 million, six-store portfolio deal. The other stores were located in Green Bay, Fargo, North Dakota, and Joliet, Illinois.
Boston Store parent company The Bon-Ton Stores Inc. had 20-year leases for each of the stores at the time, according to a company news release. But the stores became vacant once Bon-Ton went out of business in 2018.
According to the state records, the total value transferred of the buildings was $18.4 million. The Brookfield store was valued at $8.1 million, the Wauwatosa location at $7.1 million and the Greendale store at $3.2 million.
The lender group also acquired a fourth Wisconsin Boston Store building, in the village of Ashwaubenon. The value of that transfer was $3.8 million.
