Well. Maybe we saw this coming.
The Shoppes of Wyndham Village, a Franklin shopping center anchored by a Pick 'n Save supermarket and a Target store, is facing a foreclosure suit.
SBI General Portfolio Owner LLC's suit, filed in Milwaukee County Circuit Court, names shopping center owner Wyndham Village Retail LLC and developer Mark Carstensen as defendants. A receiver has been appointed to operate the property, according to online court records.
I haven't been able to review the court file yet. Reporter Sean Ryan's story in the Milwaukee Business Journal says Wyndham Village Retail defaulted on a $19 million loan.
Carstensen didn't return a phone message seeking comment.
Wyndham Village, at the southeast corner of Highway 100 and Drexel Ave., saw its Sendik's supermarket anchor close in July 2009, about a year after it opened. A Pick 'n Save opened in the former Sendik's space in November 2009.
The 248,076-square-foot Wyndham Village has around 22,200 square feet availabe for lease, according to property listing service Loopnet.com, along with undeveloped land.
The shopping center was opposed by nearby residents who wanted more upscale retailers, and by other critics who said its design was a missed opportunity to create a pedestrian-friendly development.
Last year, in a separate suit, a vacant parcel planned for expansion of another Franklin retail center, Fountains of Franklin, went into foreclosure. However, that action didn't involve the existing Fountains of Franklin, which is anchored by a separately owned Sendik's Food Market, at 5200 W. Rawson Ave.
More later, obviously.
Read the rest at: Shoppes of Wyndham Village, in Franklin, faces foreclosure - JSOnline