Waukesha shopping center, Shoppes at Fox River, sold

By Journal Sentinel staff

Ramco-Gershenson Properties Trust said Thursday it has acquired the Shoppes at Fox River, a 135,484-square-foot shopping center in Waukesha, for $23.8 million in an all cash transaction.

The Shoppes at Fox River and is anchored by a 61,045-square-foot Pick 'n Save and a 132,382-square-foot Target. Other tenants at the shopping center, which is 93.4% leased, include Petco, Dollar Tree, Famous Footwear, Buffalo Wild Wings, Subway and GNC.

As part of the transaction, Farmington Hills, Mich.-based Ramco-Gershenson said it agreed to lend the seller $3.0 million secured by a 17.9 acre parcel of land adjacent to the shopping center.

The Shoppes at Fox River, 1200 W. Sunset Drive, was developed in 2009 by Opus North Corp. on a 49.5-acre site that formerly housed a Fleming Cos. food distribution center, which closed in 2003. It is the third grocery-anchored shopping center acquired by Ramco-Gershenson in the second half of 2010.

"The acquisition of the Shoppes at Fox River is consistent with our strategy of acquiring high-quality shopping centers in superior locations with market-dominant anchors," Dennis Gershenson, president and chief executive, said in a statement announcing the transaction.