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JCPenney Logistics Center Trades for Repositioning
Phoenix Investors, headquartered in Milwaukee, made its latest acquisition a local one. The national private commercial real estate firm bought JCPenney’s Logistics Warehouse and Furniture Outlet Center in suburban Wauwatosa, WI from the retailer for $31.25 million. NAI Hiffman’s Patrick Sullivan brokered the deal.
Built over a two-decade span beginning in the 1950s and renovated over the years, the complex totals more than two million square feet on 77 acres. Penney announced last month that it would be closing the facility this summer.
“These buildings are in exceptional condition given their age,” said Phoenix’s David Marks. The new ownership plans to renovate the complex “both structurally and cosmetically.” Once that’s done, the complex “will look and function like a newly constructed industrial facility.” Phoenix VP Kurt Jensen added that “we are in active discussions” with more than a dozen prospective tenants.
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- ◦Sale/Acquisition
