Mar
14
JCPenney Sells Legacy WI Warehouse
ByThe Wauwatosa outlet centers encompasses more than 2 million square feet and was bought by an affiliate of Phoenix Investors for $31.3 million.
JCPenney has sold its Logistics Warehouse and Furniture Outlet Center in Wauwatosa, Wis., to an affiliate of Phoenix Investors for $31.3 million. The 2 million-square-foot property sits on a 77-acre lot adjacent to Interstate 45 and has been under JCPenney’s ownership for more than 50 years. The new owner plans to renovate all the facilities making up the industrial asset.
The first buildings were completed in the 1950s at 18000 W. Burleigh St., while the rest were added in the 1960s and 1970s. They feature above-average clear heights, column spacing and over 100 loading docks, are adjacent to rail and supported by heavy power infrastructure…
