Portions of the Timmerman Plaza on Milwaukee’s northwest side have been sold to a Dallas-based real estate investor.
The shopping center, located near the northwest corner of West Appleton Avenue and West Silver Spring Drive, is anchored by a Walmart Supercenter and includes a number of other retail buildings.
According to state records, three of the parcels at Timmerman Plaza were purchased by an affiliate of Dallas-based Tabani Group for a little more than $3.1 million. The parcels include a single-tenant building at 10220 W. Silver Spring Drive occupied by a Dollar Tree store, a multi-tenant retail building at 10420 W. Silver Spring Drive and commercial land, now used as a parking lot, at 10310 W. Silver Spring Drive.
Altogether, the properties are assessed at nearly $3.5 million, according to city records.
Tabani acquired the properties from IRC Timmerman Plaza LLC, an affiliate of Oak Brook, Illinois-based IRC Retail Centers.
The 28,500-square-foot strip shopping center, which is divided for seven retail tenants, was built in 1970, city records indicate. Tenants there include a beauty shop, clothing stores and cell-phone store.
The 12,000-square-foot single-tenant building was constructed in 1983. That building is the location of a Dollar Tree store, and is connected to a former Pick ‘n Save at 10202 W. Silver Spring Drive. That grocery store closed down in 2017 due to poor financial performance.
Representatives of Tabani Group could not immediately be reached for comment.
According to its website, Tabani Group has a portfolio valued at more than $1 billion that encompasses more than 10 million square feet of commercial and residential real estate.
