Midtown Center, the north side of Milwaukee's main retail center, placed up for auction
The north side of Milwaukee's main retail center — Midtown Shopping Center — is set to go on the auction block next month.
Midtown's owner, New York-based DLC Management Corp., has placed the shopping center in a digital auction set to begin Feb. 27 with an opening bid of $7 million.
Midtown's potential sale was first reported by Milwaukee Business Journal.
The shopping center, located at West Capitol Drive and North 60th Street, was sold to DLC Management in 2014 for $47.15 million.
Midtown has about 408,500 square feet, and DLC Management is looking to sell aproximately 241,283 square feet. The center is Milwaukee's largest retail center and is currently 80% occupied, according to the auction listing.
Notable tenants include Pick 'n Save, Foot Locker, Planet Fitness, T-Mobile and Pizza Hut. The former Walmart building was sold to Affordable Family Storage last year, while the former Lowe's was converted to industrial space in 2018.
"Midtown Center is primed as an advantageous value-add acquisition in a resurging market," the auction listing says. "A new investor can acquire a renowned tenancy while driving further profitability through vacancy lease-ups."
Contact Drake Bentley at (414) 391-5647 or DBentley1@gannett.com. Follow him on Twitter at @DrakeBentleyMJS.
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This article originally appeared on Milwaukee Journal Sentinel: Milwaukee's Midtown Center is up for sale
