Last updated on May 15th, 2019 at 04:54 pm
Cobalt Partners is purchasing the von Schledorn Auto Group dealerships on Main Street in Menomonee Falls and is working on a $50 million redevelopment plan for the sites that will include a corporate campus.
The overall site, which comprises more than 20 acres, is bordered by Interstate 41 and Main Street and is situated at the I-41 and Main Street interchange.
Von Schledorn Auto Group has had dealerships at this location for more than 50 years, dating back to 1965, when Ernie von Schledorn initially established a Pontiac and Buick dealership.
Today, the family has Buick, GMC, and Volkswagen dealerships at the site, plus a body shop and collision center. Milwaukee-based Cobalt will acquire the entire site.
As part of the transaction, von Schledorn plans to construct new auto dealerships on the north side of Main Street.
“Von Schledorn Auto Group has a long and storied history in Menomonee Falls and we are excited to continue our legacy in new, state-of-the-art dealerships while facilitating the transformation of our current site into a valuable asset along the I-41 corridor,” said Eric von Schledorn.
Cobalt’s development plans include a “reimagined” workplace campus that will offer a “vibrant, flexible, collaborative, and amenity-rich environment intended to enhance the ability of businesses to attract and retain top talent,” according to a press release from the company.
The development will likely occur over two to three years as the new dealerships are being built.
“The von Schledorn site is prominently located at the gateway to the Village of Menomonee Falls as well as both Waukesha and Washington counties and benefits from excellent visibility, adjacent traffic counts, and accessibility,” said Scott Yauck, Cobalt Partners president and CEO.
Currently, Cobalt Partners is completing White Stone Station, a 60-acre, $120 million mixed-use redevelopment located just northwest of the von Schledorn site along I-41.
Cobalt Partners anticipates working with the Village of Menomonee Falls through a public-private partnership to redevelop the various von Schledorn parcels.
“Cobalt Partners has a successful track record of working with the village on what was a very complex project that has become transformational for the village,” said Mark Fitzgerald, Menomonee Falls village manager. “We have confidence that this project can be equally as successful and look forward to working with Cobalt Partners on its implementation.”