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.
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.