The Kmart store will close in August and General Capital is in the process of acquiring the property from an out of state investment group, said John Kuhn, principal-director of the retail properties group for Siegel-Gallagher, who is marketing the property for General Capital.
The 108,000-square-foot Kmart store is located at 5600 S. 108th St. (Highway 100) in Hales Corners and is the anchor tenant of the Country Fair Shopping Center.
The specific redevelopment plans for the Kmart store site are still being formulated, but retail tenants are already expressing interest in the site, Kuhn said.
"We've got some preliminary interest from some very good tenants for this," he said. "We're working on a new site plan. This is very much preliminary."
The site is attractive because about 40,000 vehicles per day pass by on Highway 100, the area is densely populated and the average household income within a three-mile radius is $82,522, according to Siegel-Gallagher.
"The demographics are strong," Kuhn said. "Users that are interested want to be close to the rooftops (in the immediate area)."
Tenants in the remainder of the Country Fair Shopping Center, including Dollar Tree and RadioShack, would remain, Kuhn said.