Tag Archives: Grant Park Plaza

February 17, 2015 · 10:09 pm

Ownership Change Signals Strength Of Grant Park Plaza

It’s been a good run recently for Grant Park Plaza. And that’s good for South Milwaukee.

With the recent opening of Planet Fitness and the soon-to-be open CSL Plasma location, the shopping center will be close to 90% occupied — pretty good when you look at the state of other suburban strip malls.

There was more good news Tuesday night, as the Community Development Authority and City Council approved an ownership change for most of the center, a restructuring that will see a new equity partner come on board and allow for a refinancing of existing debt.

The new equity partner is Great Lakes Capital, an investment firm based in South Bend, Ind., and the new owners of the shopping center — all buildings, including the outlots, minus the Pick ‘n Save — will officially be 2901 South Chicago LLC.

This move will further strengthen and stabilize the ownership of the center, freeing up cash that the owners have pledged to use to resurface/reseal the parking lot, fix winter damage to the lot and improve landscaping in 2015.

These enhancements are in addition to almost $900,000 in improvements the center has seen in the past year, including $750,000 for buildout of the Planet Fitness space. Another $120,000 is being invested in the CSL Plasma buildout. It will open in April.

There is still a 11,800 square-foot vacancy in the main portion of the center — formerly occupied by Wisconsin Health and Fitness — and a space next to Advance Auto Parts in that outlot. But that’s it. And that’s a good thing.

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June 18, 2014 · 3:24 pm

Good News On Grant Park Plaza

It’s good to see some positive momentum at Grant Park Plaza.

Two new tenants are coming to the center in coming months.

The biggest name is Planet Fitness. The national fitness club has signed a 10.5-year lease for a vacant 18,308 square-foot space in the northern half of the center, near Pick ‘n Save. The club could open as early as September, following more than $600,000 in improvements coming to the center with the buildout of the new space.

To help fund those improvements, the South Milwaukee City Council approved disbursing $250,000 in tax incremental financing and other funds held in escrow per the development agreement with the center owners — funds that would come available only when the center reached an 80% occupancy rate. The addition of Planet Fitness brings it past that threshold.

The council also approved the sale of the Advanced Auto Parts lot to the Crowne Group Inc., a real estate investment company. It’s a deal similar to what’s occurred with other parcels at Grant Park Plaza.

Additionally, the center has a letter of intent from CSL Plasma to open in 10,000 to 12,000 square feet adjacent to Walgreens next spring. Stay tuned for more details on that tenant. CSL has locations nationwide, including in Racine and Beloit. Learn more on its website.

The addition of the plasma center will push mall occupancy past 90% — not bad for a strip center these days.

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February 13, 2013 · 5:14 pm

Grant Park Plaza Update: South Milwaukee CDA Approves Sale Of Pick ‘N Save Parcel

Last fall, you may recall the decision by the South Milwaukee City Council to allow the owners of Grant Park Plaza to divide the property into two parcels – making it easier to sell those properties to potential buyers.

Well, the first of those parcels – the one containing the Pick ‘n Save store – is poised to be sold.

The Community Development Authority on Monday approved the owners’ sale of the grocery store lot to Cole Real Estate Investments “or an entity controlled, directly or indirectly by Cole REIT Advisors III LLC.”

Cole is a national name in real estate, as “Cole-related entities own and manage more than 2,050 properties in 47 states with a combined acquisition cost of more than $12.4 billion,” according to its website. That includes a number of commercial properties and properties like this — buildings housing retailers that still have years left on their long-term leases.

The South Milwaukee City Council will take up the issue at its meeting next week. I am inclined to support it because a sale should help relieve pressure on the owners’ finances and make it easier to upgrade the long-vacant center section (and, in turn, lift the entire center).

In fact, the shopping center owners report they are talking to national retailer interested in leasing more than half of the empty space in that center section. We’ll see where that ends up.

In the meantime, the amended development agreement will also allow the plaza owners to spend $200,000 — retained as a “lease-up” incentive from the previous development agreement — to remodel the center section to suit a prospective new tenant. And the CDA is recommending additional funds from the Pick ‘n Save parcel sale be escrowed for parking lot improvements and other tenant space improvements.

So there’s progress at Grant Park Plaza. That’s a good thing. Let’s hope it leads to leases and a more vibrant shopping center. Head a few miles north on Highway 32 to see the alternative.

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February 27, 2011 · 11:43 pm

Advance Auto Parts Eyes Grant Park Plaza Site

It appears, thankfully, that the eyesore of the vacant outlot building at Grant Park Plaza won’t stay an eyesore for long.

Advance Auto Parts is interested in adding a location there, modifying the space previously held by Blockbuser and Verizon Wireless.

The item is on the Plan Commission agenda for Monday and Tuesday’s City Council agenda. I’ll keep you posted.

There are also Advance stores in Oak Creek and St. Francis.

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