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MILWAUKEE-The Chicago-based Cloverleaf Group has signed a new anchor to its redeveloped Highland Plaza recent center. Famous Labels, a discount famous brand retailer, will lease 31,847 sf in the 95,118-sf property at 8600 W. Brown Deer Rd.

The company bought the 24-year-old center in July 2006 for $3.5 million from a local investor, sources say. Since then, Cloverleaf has undertaken a more than $1 million renovation of the property. “They’ve redone the façade and the parking lot, put on a new roof and updated the signage and the landscaping,” says Tom Bretz with the company. “It’s really a freshly-scrubbed look, with good visibility on the street.”

Current tenants include co-anchors K&G Menswear, a Men’s Wearhouse affiliate, and Half-Price Books. The center, right down the street from the shuttered, 1.2-million-sf Northridge Mall, is 94% leased, says Bretz. “There’s some empty boxes, but it’s heavily trafficked,” he tells GlobeSt.com. Developers have been trying to revive the Northridge property as the new Granville Station, with a first phase recently completed, the $27 million new Pick ‘n Save and Menards. Lease rates in for the six-lane Brown Deer Road retail market are at $9.50 to $14 per sf, triple net.

Famous Labels, based in Las Vegas, has 25 locations in 14 states, and this is a new entry for the company. The privately-held chain carries brand name labels, designer wear and home goods for cheaper prices, specializing in the purchase of closeouts, liquidation and overstock. Mid-America Real Estate handled the lease transaction.

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