Milwaukee-based developer Irgens Partners LLC recently completed the acquisition of the former Boston Store building in Brookfield Square Mall. A subsidiary of Irgens purchased the 17.1-acre property, which includes the 200,000 square foot store building, for $ 5.62 …
Developer based in Milwaukee Irgens Partners LLC recently completed the acquisition of the former Boston Store building at Brookfield Square Shopping Center. A subsidiary of Irgens bought the 17.1-acre property, which includes the 200,000-square-foot store building, for $ 5.62 million, according to state records. She bought the building from a group of investors based in Miami Beach, Florida. The Irgens subsidiary is called Hephaestus Development Partners LLC. Hephaestus is the Greek god of fire, blacksmiths, sculptors, metallurgy, and other crafts. The property has an estimated value of $ 7.8 million, according to Waukesha County records. Mark Irgens, CEO and Director of Irgens Partners, revealed in November that his company plans to acquire and redevelop owned by the Boston Store. Redevelopment plans are yet to be determined and may involve the demolition of the old Boston Store building or its redevelopment. In an email, Irgens said his company has spoken to retailers interested in the potential occupancy of the existing store building. Other potential users were interested in occupying newly constructed structures that could be built on the site. “Irgens plans to rearrange the existing structure,” Irgens said. “Since it was announced that we were purchasing it, there has been a lot of activity with inquiries from retailers regarding the rental of the existing box. We have also received requests from users regarding our statements regarding the ability to start new and densify the 16 acres with medical, office, hospitality, multi-family, fitness, entertainment and limited convenience retail to support past uses – horizontal mixed-use development. ”Irgens said added, “It will depend on what makes sense in terms of demand and the economy.” The Boston Store building in Brookfield Square is one of three auctioned Last year. None of them immediately sold, although at least two of them caught the attention of local developers. Visionary development of Milwaukee-based Barrett Lo plans to transform the former Boston Store building at Southridge Mall in Greendale into 790 apartments and 50,000 square feet of retail space. The village owns the 219,800 square foot building, which it bought in July for $ 3.3 million. The third building of the old Boston Store that was auctioned off last year is located at the Mayfair Mall in Wauwatosa.
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