Milwaukee-based developer Mandel Group Inc. announced it has completed the sale of East Pointe Marketplace, a 58,000-square-foot retail center developed by the firm as part of its East Pointe corridor redevelopment in downtown Milwaukee.
Mandel sold the property along Ogden Avenue to Westwood Financial Corp. of Los Angeles. The sale was arranged by the Chicago office of Holliday Fenoglio Fowler LP (HFF) on behalf of Mandel Group and its investment partner, Northwestern Mutual Life Insurance Co. Inc.
The center was originally opened in 1993 and is anchored by a Pick ‘n Save Marketplace. Other tenants include Einstein Bagels, Noodles & Company and Starbucks.
“Sale of this mature asset allows our firm to harvest some of our invested capital, in order to reinvest in current and future developments in the area,” said Barry Mandel, president and chief executive officer of Mandel Group Inc. “In arriving at this decision with our investment partner, we found a very receptive marketplace and are pleased with the value HFF was able to achieve for us.”
Mandel Group continues to own and operate hundreds of apartments in downtown Milwaukee, and is in the process of expanding its North End development two blocks west of East Pointe Marketplace.
“Downtown continues to attract strong, growing demand for housing, which bodes well for the future performance of East Pointe Marketplace,” Mandel said.
“East Pointe Marketplace is an institutional quality shopping center that has been meticulously cared for by Mandel Group and Northwestern Mutual” said Dan Kaufman of HFF. “The center commanded immediate attention from the real estate investment community, which valued the property’s strong tenant performance and urban location.”