Falls Plaza sold in foreclosure action

Falls Plaza, a 124,636-square-foot shopping center in Menmonee Falls that had been in foreclosure, was recently sold in a sheriff’s sale to Kansas City, Mo.-based Mission Peak Captial. The property was sold by Horsham, Penn.-based Falls Plaza Venture LLC.

The value of the transaction was $4 million, according to state records. The property has an assessed value of about $5.2 million, according to Waukesha County records.

Falls Plaza is located at N81 W15066 Appleton Ave. It was built in 1983.

The shopping center is anchored by a Piggly Wiggly grocery store.

“It’s a nice property,” said George Cook, asset manager for Mission Peak Capital. “It’s a little tired. It needs some updates in places. We’re working with the existing tenants on doing that.”

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