SG2 LLC, a partnership of Milwaukee-based Mallory Properties, owned by Frank Guiffre; Milwaukee law firm Seibel & Falkner LLP and Milwaukee-based real estate firm Siegel-Gallagher, recently purchased the Northridge Plaza shopping center at 8201-8271 W. Brown Deer Road in Milwaukee, according to state records.
The property consists of a 152,000-square-foot strip mall building and a pair of 8,000-square-foot outlot buildings, which are occupied by Enterprise Rent-A-Car and Firestone, said Guiffre, managing partner of SG2.
The group bought the shopping center for $1.95 million from New York-based Brixmor Property Group Inc., according to state records.
The 152,000-square-foot main strip mall building has 90,000 square feet of vacant space, Guiffre said. Tenants occupying the other 62,000 square feet include: #1 Sports, Ashley Stewart, Catherine’s, Tobacco Deals, Hair Care, Dollar Tree, Dots, Knock Out Fitness and New Fashions, Guiffre said.
S2G plans to spend about $250,000 to upgrade the property and will make improvements for new tenants, he said.
“It’s a property that needs a little attention,” Guiffre said.
Brown Deer Road has good traffic and the neighborhood is improving, Guiffre said. The property is near the former Northridge Mall, which Penzeys Spices plans to acquire to establish some operations there.
“(The neighborhood) is coming around,” Guiffre said.
Guiffre said the ownership partnership between himself, Seibel & Falkner and Siegel-Gallagher, is a unique approach in the Milwaukee area. All of the partners have an equity stake in the property, but also bring real estate expertise. Seibel & Falkner have expertise in real estate law. Siegel-Gallagher will handle management and leasing for the property.
The group might do other deals together, Guiffre said.
“We’re looking around for other properties that need attention,” he said.
