Get a load of this report from the MJS:
The local investment group that owns Sendik’s Towne Centre, a large Brookfield retail and office center, is facing a foreclosure suit, and has filed to reorganize its finances under Chapter 11 bankruptcy protection.
In all their wisdom, the “reporter” uses the Sendik’s name (as Towne Centre), but never tells you who the “local investment group” might be.
Don’t you think that would be kind of interesting?
Taxes are paid by Towne Centre, LLC., 12760 W. North Ave. That’s also the address for Thompson Corporation. The Wisconsin business registry has Timothy J. Smits at that same address as the registered agent for the LLC.
Tommy Thomson (no p) has been a developer for a long time in Brookfield. I need to go get a haircut, but when I come home, we’ll dig up some history.
BTW, I don’t think Sendik’s is at all in trouble, but we’ll be checking that out.
5 responses so far ↓
1 M2Invest // Sep 3, 2009 at 2:52 pm
Wow, that is not good news for local business.
2 The Lorax // Sep 3, 2009 at 3:31 pm
I can confirm it is Thompson Corp.
3 BrkfldDad // Sep 3, 2009 at 3:32 pm
I guess this one doesn’t surprise me too much. I always thought the occupancy rate looked pretty low, although I can’t confirm, nor do I ever think I have seen it quoted. A good friend was involved in Mio Bella over there. TC attracted a number of merchants with a low initial lease rate, but the rate ballooned and I think that’s why most of the turnover you have seen there happened. They just didn’t have enough traffic to sustain the expenses. I wonder if they’ve had to negotiate lower lease rates to maintain and recruit tenants. If so, this economy probably put them into a spiral hardly anyone could have avoided.
4 Cindy Kilkenny // Sep 3, 2009 at 4:19 pm
That’s what I just heard from another reader – low lease initially, generous, but big turnovers and couldn’t keep the income flowing.
As to the possibility of avoiding the failure, sure it could have been avoided. Lots of businesses run much less debt and keep plugging in a down economy.
5 dad29 // Sep 3, 2009 at 4:46 pm
“A long time developer” is correct.
At one time, he was half of Thomsinger Development, and they owned the old Nettesheim farm parcel now occupied by the Sharon Lynne Wilson center. They purchased that swamp in ~1965, IIRC.