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Redeveloped Mall Fetches $166 Per SF

MILWAUKEE, WI-Boulder Venture LLC and Canyon Johnson Urban Fund sell off 319,108 sf of the 454,000-sf Midtown Center to Oak Brook, IL-based Inland Western Retail Real Estate Trust, Inc. for $53 million.

By Mark Ruda | Updated on February 06, 2005

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MILWAUKEE, WI-Oak Brook, IL-based Inland Western Retail Real Estate Trust, Inc. has paid $53 million for 319,108 sf at the Midtown Center at 60th Street and Capitol Drive. The 454,000-sf retail center was completed last year as a redevelopment of the former Capitol Court mall.

Boulder Venture LLC and Canyon Johnson Urban Fund bought Capitol Court in February 2001, when the retail center’s occupancy was only 23%. The redeveloped Midtown Center is 98% leased with a tenant roster that includes Wal-Mart, Pick ‘n Save, A.J. Wright, Foot Locker, Kids Foot Locker, One Price Clothing, Payless Shoe Source, Milwaukee Police Department, T-Mobile, Cousins Subs, Concordia University, Starbucks, Applebee’s, Pizza Hut, Culver’s, Ashley Stewart, Rainbow Apparel and Firestone.

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