23 Acres Near Future IKEA Site Has Buyer for $4.4 Million

OAK CREEK -- A prime piece of real estate in Oak Creek across I-94 from the future IKEA site has found a buyer.

According to a report from the Milwaukee Biz Times, Brookfield-based developer Somerstone LLC has received approval from a judge to purchase 23 acres of land across Interstate 94 from Ikea’s future home in Oak Creek for $4.4 million from a court-appointed receiver.

The Biz Times is reporting that Somerstone was the only buyer to come forward with a bid on the property. On Wednesday, a motion hearing was held in Milwaukee County Circuit Court on the bid and Judge John DiMotto granted the sale.

Ikea will open a 295,000 sq. ft. single-story store on 29 acres across from this site during the summer of 2018.

In early May, it was reported that this parcel of land was going up for auction, with a minimum asking price is $4.5 million and a deadline for offers of June 6.

According to a report by the Milwaukee Business Journal, the 23 acres, north of Drexel Ave. and just east of I-94 had been tied up in a Milwaukee County Circuit Court lawsuit filed in April 2014.

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