Milwaukee's struggling Shops of Grand Avenue is going on auction again, and it could be bought for a potential bargain, depending on how the bidding plays out. The 450,000 square foot shopping center (don't call it a mall) at 275 W. Wisconsin Ave. has been posted to the auction site auction.com with an opening bit of just $4.75 million, a fraction of the almost $32 million the mall sold for nine years ago.
The shopping center was last sold at a foreclosure auction for $8.5 million to 275 West Wisconsin Holdings LLC in 2012, but the new owners have not done much to improve occupancy. The Grand Avenue continues to struggle to recruit and retain tenants.
Boston Store is not part of the auction, though the mall's parking structure is. The bidding will begin June 17 and ends on June 19.
