Bank purchases Toys “R” Us buildings

Iconic toy stores closed in March

The remaining Toys “R” Us store buildings have been sold to an affiliate of Wells Fargo Bank, six months after the iconic toy store filed for bankruptcy and closed its doors.

Photo by BizTimes media partner WISN 12

Charlotte, North Carolina-based Tru Trust 2016 LLC purchased the properties from Toys “R” Us Property Company II LLC.

Toys “R” Us Inc. filed a motion seeking bankruptcy court approval to begin the process of winding down its business and liquidating its inventory at 735 U.S. stores in March and closed all of its locations.

About 320 workers lost their jobs in Wisconsin.

Toys “R” Us, operated nine stores across Wisconsin. Locally, the buildings sold include:

  • Brookfield, 355 S. Moorland Road, $4.16 million
  • Milwaukee, 3900 S. 27th St., $3.1 million
  • Racine, 2433 S. Green Bay Road, $2.58 million

Tom Treder, principal of Founders 3 who specializes in retail brokerage, said the Racine store is a good site and should be absorbed for retail. The same is true on 27th Street, Treder said.

“Brookfield is tough based on lack of exposure, but with the re-development of the Sears (at Brookfield Square Mall) and the proposed convention center, it will help with activity on that side of the mall,” Treder said.

 

The remaining Toys “R” Us store buildings have been sold to an affiliate of Wells Fargo Bank, six months after the iconic toy store filed for bankruptcy and closed its doors.

Photo by BizTimes media partner WISN 12

Charlotte, North Carolina-based Tru Trust 2016 LLC purchased the properties from Toys “R” Us Property Company II LLC.

Toys “R” Us Inc. filed a motion seeking bankruptcy court approval to begin the process of winding down its business and liquidating its inventory at 735 U.S. stores in March and closed all of its locations.

About 320 workers lost their jobs in Wisconsin.

Toys “R” Us, operated nine stores across Wisconsin. Locally, the buildings sold include:

  • Brookfield, 355 S. Moorland Road, $4.16 million
  • Milwaukee, 3900 S. 27th St., $3.1 million
  • Racine, 2433 S. Green Bay Road, $2.58 million

Tom Treder, principal of Founders 3 who specializes in retail brokerage, said the Racine store is a good site and should be absorbed for retail. The same is true on 27th Street, Treder said.

“Brookfield is tough based on lack of exposure, but with the re-development of the Sears (at Brookfield Square Mall) and the proposed convention center, it will help with activity on that side of the mall,” Treder said.

 

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