Thursday, October 07, 2010

Barrett's "Business Development": Grand Ave. to be Auctioned

Good work, Tom!!

The company that owns the financially troubled Shops of Grand Avenue will be sold at a public auction later this month.

The Grand Avenue appears to be about half empty following closings in recent years by such major tenants as Linens 'n Things and Old Navy.

...Ashkenazy paid $31.7 million when it bought the mall five years ago from an affiliate of Northwestern Mutual Life Insurance Co. The current assessed value of the mall and its parking structure is $28.1 million.

The Grand Avenue is dead-center in downtown Milwaukee. After 6 years of Barrett (not to mention several years of Norquist), Henry Maier's dream-spot is on the ropes.

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