23 Acres Near Future IKEA Site in Oak Creek Might Have Buyer

OAK CREEK — A vacant 23-are parcel of land near the future IKEA site in Oak Creek just might have a buyer.

According to a report by the Milwaukee Business Journal, Brookfield developer Somerstone LLC is offering $4.4 million for the 23 acres land, according to a Sept. 12 court filing. Somerstone has a track record in retail centers and office properties.

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.

Oak Creek Mayor Steve Scaffidi told the Business Journal that he’s watching the land.

“I expect something equally cool and as exciting on that side of the freeway,” he said to the Business Journal in May. “I can almost guarantee you that it will happen. One of the reasons you build an interchange is that, if it’s close to the interchange, you have economic development.”

Read more details on this story here.
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