CALEDONIA — A developer has eyed a former Blockbuster video rental store at 5055 Douglas Ave. as a potential home for multiple new businesses.
Phillips Edison & Co., a Cincinnati-based developer with properties in 32 states specializing in shopping centers, submitted a request to the Caledonia Plan Commission in the hopes of repurposing the building to hold multiple tenants. The commission approved the proposal unanimously.
Greentree Station, an LLC underneath the Phillips Edison umbrella, already owns the property.
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A representative from the developer told the Plan Commission on June 24 that he already has several prospective businesses in mind that could set up shop there.
Other nearby properties owned by the developer, according to Racine County records, include the McDonald’s next door at 5125 Douglas Ave. and the Pick ‘n Save situated in the strip mall at the busy intersection of Four Mile and Douglas. Phillips Edison specializes in managing shopping centers anchored by grocers.
Phillips Edison also manages Village Center at the northwest corner of highways 31 and 20 in Mount Pleasant, where Kohl’s, Festival Foods, Chipotle and Cost Cutters are located. The real estate manager also controls properties in Delafield, Franklin, Kenosha, Milwaukee, Onalaska and Oshkosh.
The ex-Blockbuster has been vacant for several years, except for a short stint in 2017 when Spirit Halloween moved in for a few months.
There is only one Blockbuster video rental store still in existence as of March, in Bend, Ore. Competition from streaming services, like Netflix, and automated low-cost kiosks, like Redbox, are largely blamed for the diminishing of what had been a chain that once had more than 9,000 stores.