Deal of the Week

Strip mall at Brady and Farwell sold for $6.4 million
East Town Plaza, a 24,000-square-foot shopping center located at the northwest corner of Brady Street and Farwell Avenue on Milwaukee’s east side, was sold by New York-based Greystone & Company to Chicago-based Monroe Investment Partners for $6.4 million, or about $266.66 per square foot.
The sale price is well above the property’s assessed value of $4.37 million, or about $182.08 per square foot, according to city records.
Siegel-Gallagher brokered the deal for Greystone, which took back the property in November.
The shopping center, which was built in 1986, is more than 90 percent occupied. It is anchored by Walgreens and other tenants include Subway, Supercuts and Universal Wireless. “Interest in the asset was very strong, testifying to the continued demand for quality assets in excellent locations in spite of the economic downturn,” said Patrick Gallagher who managed the sale for Siegel-Gallagher.
Monroe Investment Partners’ initial plans for the building include cosmetic upgrades to the property.