Two New York investment companies are buying more than 75 Shopko stores and the bankrupt retailer's headquarters and will be looking to rent, redevelop or sell their properties.

Properties include 25 in Wisconsin. At least 14 of these were purchased, for a total of $ 67 million, according to registrations published by the state's Department of Revenue. Prices and other information on the remaining 11 Wisconsin packages were not publicly available on Friday.

Investors are also buying Shopko and Shopko Hometown stores in 13 other states.

Monarch Alternative Capital, a specialist in distressed debt, and Raider Hill Advisors, a real estate investment advisory firm, are involved in the acquisition and marketing of properties.

Monarch is the lead investor in Heartland Hill Properties – the entity that will own the portfolio of approximately 5.5 million square feet of real estate. Raider Hill will oversee the lease or sale of properties, the company said.

Heartland Hill buys the properties of an entity created by what is now Spirit Realty Capital Inc., a Dallas-based real estate investment trust. Spirit purchased more than 130 Shopko stores for $ 815 million in 2006 and leased them to Shopko's owner, Sun Capital.

On January 16th, Shopko filed for bankruptcy protection and attempted to reorganize as a regional retailer with a smaller footprint. But after failing to find an investor to fund a reorganization, the company announced in mid-March that it would close all its stores and liquidate its assets. The last stores should close in June.

The $ 67 million invested to date by New York investors in Shopko, Wisconsin, includes $ 6.9 million for Ashwaubenon's head office.

Total records also include $ 31.3 million for a single Shopko store in Racine. This price is well above that of other Wisconsin Shopko stores, which sold for $ 1.5 to $ 5.6 million.

A leader of Raider Hill declined to answer questions on Friday about purchases.

To date, each of the 14 purchases made in Wisconsin has been made by a newly registered limited liability company. All businesses share the same address in New York as Raider Hill.

Contact Rick Romell at 414-224-2130 or [email protected]. Follow him on Twitter @RickRomell

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