Mid-America Represents CORTA Development in the Acquisition and Redevelopment of Former Shopko in Onalaska, Wisconsin
May 18, 2023
Mid-America Real Estate-WI, LLC closed out 2022 completing their fourth Shopko sale collaboration with CORTA Development. In addition to Onalaska, Mid-America’s Asset Advisory team assisted CORTA with vacant department store acquisition and redevelopments in Fond du Lac, Sheboygan, and West Bend over the last 18 months, all of which are in various stages of redevelopment.
“Onalaska is a TJX Triple Play,” exclaims Cory Presnick, Principal at CORTA Development. “TJ Maxx, Home Goods, and Sierra – along with Ulta Beauty, and Five Below – hard to find a better line-up in the market right now.” He explains there were challenges, “Despite the swift and significant market shifts during the pre-development period, we figured out a way to deliver.”
Back in August, the Onalaska Plan Commission approved to change the zoning, around the former Shopko building, which is part of the East Towne Plaza, from Mixed-use Community to Regional Business Property. The rezoning allowed for the interior and exterior improvements to the existing structure along with necessary approvals to build new construction for both Ulta and Five Below. Construction of the redevelopment commenced in January and is slated to be completed before the end of the year with the retailers planning holiday season openings.
“CORTA’s vision and ultimate execution of their redevelopment plan for a long-standing retail vacancy along Highway 16 will be transformational for the La Crosse and Onalaska retail corridors,” added Mike Fitzgerald, Principal of Mid-America Real Estate-WI, LLC. “We are fortunate to partner with a respected and experienced developer like CORTA to revive vacant retail boxes into first-class shopping destinations with best in class retailers.”
About Mid-America Real Estate
Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota, and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The total consideration value of leasing and investment sales transactions facilitated in 2022 was $2.4 billion. Mid-America manages and leases 60 million square feet of retail space and represents over 270 retailers. For more information, visit www.midamericagrp.com.
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Principal / Director of Asset Advisory Group