The deal was brokered by Patrick Gallagher and Matson Holbrook of Siegel-Gallagher, who represented the buyer, and Dan Rosenfeld of Mid-America Real Estate Group, who represented the seller, an affiliate of Regency Centers.
Racine Centre is 92.6 percent occupied. Its tenants include Piggly Wiggly, Xperience Fitness, Dollar Tree and Party City.
This is the second major retail property acquisition in southeastern Wisconsin by the Singapore-based investment group in less than two years. The group also bought the four-building, 104,526-square-foot Meadowbrook Marketplace shopping center at 601-921 Meadowbrook Road in Waukesha in late 2012 for $10.3 million.