Shopko building sold to Arizona investment company

BY CHUCK VANDENBERG
PCC EDITOR

FORT MADISON - Future plans for the former Shopko building in Fort Madison are still unclear, but the building does have a new owner and local officials are working on getting it cleaned up.

According to Beacon Schneider's website Cool Investments, LLC out of Scottsdale, Ariz., purchased the building and the outlying property in September for $360,000 from a New York real estate firm helping to liquidate more than 60 properties as of the Ashwaubenon, Wis.-based company.

According to the Lee County Treasurer's office, the land and building are valued at just over $915,000.

Fort Madison Partner's Executive Director Tim Gobble said he hasn't been told what the plans are for the building but said he has been asked to help get the area and property cleaned up.

"As of right now, I don't know what the plans are. They haven't been telling my anything other than they'd like it cleaned out," Gobble said.

According to a report in the Milwaukee Business Journal, Cool Investments, LLC is an Arizona-based company registered to Jeffrey Fry, who is also the registered agent for Fry Investment Co., of Scottsdale, Arizona.

Shopko initiated bankruptcy proceedings in January in Nebraska. After initially looking to restructure the company's finances through a buyer, the company decided to shutter most of its outlets.

A small presence of Shoptikals, which are Shopko Optical outlets are in operation, but Monarch Alternative Capital, bought up the Shopko's optical asset, and assisted in marketing close to 80 properties for sale or lease.

The Burlington Shopko property has also been sold, but Fort Madison mayor-elect Matt Mohrfeld said he didn't think it was to the same company. That building is being renovated for housing.