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GBT Realty Snaps Up Milwaukee-Area Retail
GBT Realty Corporation acquired West Allis Center, a 260,000-square foot neighborhood center in West Allis, WI, for $18.1 million. The three-building retail asset was owned by Retail Value Inc., an associated REIT of Ohio-based real estate investment firm SITE Centers Corp., formerly known as DDR Corp. Mid-America Real Estate brokered the sale.
“You couldn’t ask for a better location in a stable metropolitan submarket,” said Scott Porter of Brentwood, TN-based GBT Realty. “West Allis Center is strategically located at the epicenter of the 108th Street retail hub – the first major intersection west of the I-41 interchange, and only two miles from the city’s other major corridors, I-94 and I-43.”
Situated nine miles from downtown Milwaukee, West Allis Center is 98% leased. Tenants include Kohl’s, a Pick ’n Save supermarket, Marshalls/HomeGoods and two outparcels with Walgreens and BMO Harris Bank. A 5,000-square-foot storefront is available for immediate lease.
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