The West Allis Center, a strip mall located at the northeast corner of West Cleveland Avenue and South 108th Street in West Allis, has been sold to a Tennessee firm for $18.1 million, according to state real-estate transaction records.
An affiliate of Brentwood, Tennessee-based GBT Realty Corp. purchased 36 acres in all from an affiliate of Beachwood, Ohio-based SITE Centers Corp., real estate investment trust formerly known as DDR Corp. The firm announced its name change in October.
According to city assessment records, the specific West Allis Center parcels that GBT Realty purchased include three separate buildings totaling nearly 264,400 square feet. The land and buildings are collectively assessed at $17.97 million.
The first building, the largest of the shopping center, is nearly 244,000 square feet, and its tenants include Kohl’s, Pick ‘n Save and Marshalls & HomeGoods. The other two buildings are on outlots toward the eastern end of the site. The first, a Walgreens, is about 13,900 square feet, while the other, a BMO Harris Bank branch, is roughly 6,500 square feet.
Representatives of GBT Realty did not immediately respond to a request for comment.
The firm was founded in 1987, and is a developer of retail and mixed-use projects throughout the U.S. According to its website, GBT Realty has completed more than 6 million square feet of development totaling more than $1 billion of project costs in 27 states. It currently has $1 billion of commercial development totaling 5 million square feet in the pipeline or under construction.
GBT Realty also states on its website that its team is “building a $1 billion portfolio of retail centers where value-add propositions exist through the deployment of sensible redevelopment and leasing strategies.”
Since its creation, it has been involved with the development, construction, leasing and management of more than 30 million square feet of retail developments, including shopping center, neighborhood centers, single-tenant buildings and more.