Chicago firms paid $43 million for Brookfield Fashion Center

Last updated on May 15th, 2019 at 05:00 pm

The sprawling 30-year-old Brookfield Fashion Center on Bluemound Road sold for $43 million last week to Chicago-based developer HSA Commercial and Chicago-based commercial mortgage lender Innovative Capital Advisors, according to state records. The firms announced the deal last week, but did not disclose the sale price.

Brookfield Fashion Center

The sale price is $15.4 million, or 56 percent, higher than the property’s assessed value of $27.58 million, according to county records.

HSA Commercial and Innovative Capital purchased the 217,346-square-foot shopping center from New Jersey-based Metropolitan Life Insurance Company with the intent of “reinvigorating the tenant mix.”

The shopping center is anchored by Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty.

It is currently 97 percent leased.

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