WAUKESHA, WI-Opus Development Corp. has announced the first tenants to sign for its phase two of the Shoppes of Fox River. The company sold the first phase of the property, about 135,000 square feet, to Farmington Hills, MI-based Ramco-Gershenson Properties Trust for $23.8 in January 2011.
Target had been an anchor when Opus built the project, and it is now a shadow anchor. Other tenants of the first phase, about 97% occupied, include Pick ‘n Save, Petco, Dollar Tree, Famous Footwear and Buffalo Wild Wings.
According to Opus, the second phase on 18 acres has the potential to total 150,000 square feet. Ramco-Gershenson, as part of the purchase last year, provided Opus with a $3 million loan secured by the side property, and the buyer secured certain rights to the land.
Opus said it has signed TJ Maxx, Ulta Salon, Cosmetics, Rue 21 and Charming Charlies as the first tenants of the second phase, so far about 47,000 square feet, which will see ground break before May 1. “The success of the first phase of this development has been remarkable,” said John Meyers, VP of real estate development at Opus. “The commitment from these four high-quality retailers to commence the phase two development validates the success of the initial phase of the project, and we anticipate that the second phase of development will see similar success.”
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