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MILWAUKEE, WI-Oak Brook, IL-based Inland Western Retail Real Estate Trust, Inc. has paid $53 million for 319,108 sf at the Midtown Center at 60th Street and Capitol Drive. The 454,000-sf retail center was completed last year as a redevelopment of the former Capitol Court mall.

Boulder Venture LLC and Canyon Johnson Urban Fund bought Capitol Court in February 2001, when the retail center's occupancy was only 23%. The redeveloped Midtown Center is 98% leased with a tenant roster that includes Wal-Mart, Pick 'n Save, A.J. Wright, Foot Locker, Kids Foot Locker, One Price Clothing, Payless Shoe Source, Milwaukee Police Department, T-Mobile, Cousins Subs, Concordia University, Starbucks, Applebee's, Pizza Hut, Culver's, Ashley Stewart, Rainbow Apparel and Firestone.

The center is shadow-anchored by the state's first Lowe's home improvement store. The deal also includes 11 acres that Inland Western Retail Real Estate Trust could develop later.

George Good of CB Richard Ellis' Oak Brook office represented the partnership along with Max Rasansky of the Polacheck Co., based in Milwaukee. Inland Real Estate Acquisitions chairman Joe Cosenza handled negotiations with the REIT. "We bought Midtown because it's a brand-new center in a high-density area that has a great lineup of tenants," he says.

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Redeveloped Mall Fetches $166 Per SF

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