A large, newer Greenfield shopping center has been sold for $33.1 million − $1.4 million less than its sale price in 2019.
84 South, at South 84th Street and West Layton Avenue, was sold to BMA 84 South LLC, according to a deed posted online by the Wisconsin Department of Revenue.
The seller was 84 South Retail Center LLC, led by Davinder Toor.
Toor operates Car Wash Guys LLC, an Oak Creek-based car wash supplies, equipment and consulting company. His group bought 84 South in 2019 for $34.5 million.
The lower price paid by BMA 84 South, an affiliate of Milwaukee-based Marquee Capital, is tied to changes in today’s lending environment from five years ago, said Jay Peirick, Marquee president and chief executive officer.
“Interest rates are much higher, and leverage is lower,” Peirick told the Journal Sentinel. “These factor into the purchase price, as buyers desire similar returns today as they did back in 2019.”
Developer Cobalt Properties LLC largely completed 84 South in 2019 before selling it to Toor’s group.
The fully leased 194,910-square-foot shopping center includes Fresh Thyme, Kohl’s, Total Wine, Ross, Marshalls, and Ulta, as well as such dining and beverage destinations as Portillo’s, Outback Steakhouse, Chipotle, Starbucks and a future Cooper’s Hawk.
84 South’s sale marks the 11th addition to Marquee’s retail portfolio, which now exceeds 2.7 million square feet.
“We are thrilled to add 84 South to our portfolio. It is a premier asset located right in our backyard, which provided us, and our investors, a unique opportunity”, Peirick said, in a statement.
Marquee Capital was founded in 2008 under the Marcus Investments family office.
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.