A former Mequon Pick 'n Save that's been vacant for 12 years has been bought by a developer
A former Pick 'n Save in Mequon that’s been vacant for over a decade has been bought by a local real estate developer.
The property at 11300 Port Washington Road in Mequon was sold May 31 for $6.25 million, according to real estate records. The building is a part of the larger Mequon Marketplace near a Wells Fargo and a Walgreens.
Commercial real estate company CBRE is working with the new owner, Greg Devorkin of Devo Properties, to find a new tenant or tenants for the building. Devo Properties has developed several other shopping centers in the Milwaukee metro area.
Mequon Mayor Andrew Nerbun said that the new owner has been in contact with Mequon’s community development staff about options for the property, but there have been no “firm proposals” made yet.
Though the property has been vacant for over a decade, Nerbun said in an email that the old lease owner had still been making payments.
“While it has been frustrating for this property to be vacant for so long … the old owner had maintained the site reasonably well, so there was not too much of a negative impact associated with the vacancy,” said Nerbun.
The property has 42,330 square feet and sits on a 5.36-acre lot.
The Pick 'n Save closed when a Metro Market opened nearby in 2011.
“I’m very excited to finally see this location active again, and hopefully it will bring in something that is both compatible with the zoning and desirable to Mequon residents,” said Nerbun. “Having this building filled will also help the surrounding area as part of the greater economic ecosystem on Mequon’s east side.”
Megan Woolard can be reached at MWoolard@gannett.com or on Twitter @MeganWoolard4.
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This article originally appeared on Milwaukee Journal Sentinel: A real estate developer has bought the former Mequon Pick 'n Save
