Shoppes at Nagawaukee Equity LLC, an investors group led by Wauwatosa-based Wangard Partners Inc. chairman and chief executive officer Stewart Wangard, recently purchased two buildings in the Nagawaukee Center retail development in Delafield for $13.75 million.
The property was sold for a price substantially higher than its assessed value of $7.6 million, according to Waukesha County records.
The two buildings are located in the 3200 block of Golf Road, along the north side of I-94 near Highway 83. The buildings have a total of 57,015 square feet of space and the site covers 6.67 acres.
The two buildings are 100 occupied. The tenants are: Best Buy, Famous Footwear, Panera Bread, Noodles & Company, Qdoba Mexican Grill, Scottrade, Penzeys Spices, Forward Dental ad Nail Arts.
The buildings, part of the Shoppes at Nagawaukee, were built in 2004 by Plymouth, Minn.-based Told Development Company. Shoppes at Nagawaukee LLC, an affiliate of Told, sold the buildings to Wangard’s group. Joe Girardi and Dan Cohen of Mid-America Real Estate brokered the deal for Told, Wangard said.
The Shoppes at Nagawaukee was the final phase of a multi-phase, master planned commercial development, called Nagawaukee Center, built by Told northeast of I-94 and Highway 83.
Other parts of the development have been sold by Told. Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust bought a 113,617-square-foot shopping center anchored by a Kohl’s store in Nagawaukee Center in 2012 for $15.1 million and the REIT also bought a 106,000-square-foot portion of Nagawaukee center anchored by a Marshall’s store and a Sports Authority store in 2013 for $22.7 million.
The I-94 and Highway 83 retail area attracts shoppers from as far away as the western part of the City of Waukesha, Jefferson County, Hartford and Mukwonago, Wangard said. Plus, it is located in an affluent area in a highly-visible and easy to access location. Those attributes have made the Nagawaukee Center development a success for retailers and attractive to real estate investors, he said.
“It has been one of the most successful shopping centers in all of Waukesha County,” Wangard said. “It is very visible (from I-94). It has a collection of some of the most dynamic restaurants and retailers in the area. This has become a dominant intersection with dominant retailers.”