Retail Value Inc. sells Wisconsin shopping center for $10.3 million

Retail Value Inc. (NYSE: RVI), the Beachwood-based company formed to sell shopping centers owned by the former DDR Corp., has made its first sale of 2021.

The company announced in a news release that it sold the Marketplace of Brown Deer, in Brown Deer, Wis., for $10.3 million prior to closing costs, prorations and other closing adjustments. Net proceeds were used to repay mortgage debt associated with Retail Value, which is known as RVI. The buyer was not identified.

Anchors at Marketplace of Brown Deer include Burlington, OfficeMax and Pick ‘n Save.

With the deal, RVI said, it now owns interests in 10 properties in the continental United States and 11 properties in Puerto Rico.

The list of RVI’s remaining disposition properties is here. Two of them are in Northeast Ohio: Great Northern Plazas in North Olmsted and Uptown Solon.

RVI was spun out in summer 2019 by SITE Centers Corp. (NYSE: SITC), the company previously known as DDR, to sell retail centers the company feels do not fit its future plans for redevelopment or necessity-focused retailing.