Newport Capital Partners Adds WI Shopping Center to Portfolio
The Plaza, a 108,000-square-foot property in Brookfield, Wis., represents the seventh asset in the buyer’s retail fund. The transaction closed at $17.9 million.
By Roxana Baiceanu
17105 W. Bluemound Road, Brookfield, Wis.
Newport Capital Partners has acquired The Plaza, a 108,000-square-foot retail center in Brookfield, Wis., a suburb of Milwaukee. The investor paid $17.9 million for the asset, which represents the seventh acquisition for Newport Fund II and the third property the company manages in the Greater Milwaukee area. The seller, IRC Retail Centers, was represented by Rick Drogosz, principal & managing broker with MidAmerica Real Estate Corp.
“The property is well located, has a tremendously diverse tenant mix and fits well into our value-added portfolio. We look forward to our continued expansion in the Milwaukee market,” said Ben Andrews, principal at Newport Capital Partners.
Located at 17105 W. Bluemound Road, The Plaza is almost entirely leased to 22 tenants and anchored by a CVS Pharmacy. The tenant roster includes Guitar Center, Stan’s fit for your Feet and Hooters Restaurant. The property is part of the Bluemound corridor, which offers 4 million square feet of retail space to an area with strong demographics and can be easily reached via Interstate 94.
Image via Google Street View
You must be logged in to post a comment.