Affiliates of Milwaukee-based
The Marcus Corp., an operator of movie theaters, restaurants and hotels, has purchased an undeveloped site at Pabst Farms in Oconomowoc.
The approximately 16.5-acre property, located northeast of I-94 and Highway 67 (Summit Avenue), near the intersection of Summit Avenue and Pabst Farms Boulevard, was sold for about $5.1 million, according to a state property record.
A spokesperson for Marcus Corp. said the company purchased the site as an investment and has not determined plans for it yet.
Jason Gallo, Oconomowoc city planner, said he was aware of the transaction, but also said that the city has not received any development plans for the property and he has not spoken to Marcus Corp.
The property is located just west of the Fleet Farm store at 1555 Pabst Farms Boulevard and just south of a
recently-built UW Credit Union and planned
multi-tenant retail building, all of which is part of what's known as Town Centre at Pabst Farms.
A property listing from commercial real estate brokerage firm
Mid-America Real Estate shows about 18 acres of the Town Centre property as having a pending contract. Three commercial outlots fronting Pabst Farms Boulevard are still for sale, the listing shows.
Listing agents for the property did not immediately respond to request for comment.
[caption id="attachment_610100" align="aligncenter" width="1024"]
Image from Mid-America marketing materials[/caption]
Marcus already operates the Hillside Cinema movie theater complex in Delafield about 7 miles east of the Pabst Farms site. Hillside Cinema is about 12 miles west of its Marcus Majestic Cinema in Waukesha, which is about 5 miles west of its Movie Tavern Brookfield Square movie theater complex in Brookfield.
The company has other Waukesha County cinemas in Menomonee Falls and New Berlin. In 2023, the company
closed theaters in Franklin, Milwaukee and Saukville.
The company's Wisconsin hotels are located in downtown Milwaukee, Madison and Lake Geneva.
The property record for the sale of the Pabst Farms site indicates that B&G Realty LLC, a Marcus affiliate, will have a 75.6% share in the property and B&G Exchange I LLC, another Marcus affiliate, will have a 24.4% share.
The seller was an affiliate of Illinois-based commercial real estate firm
Harbor Bay Ventures, which owns hundreds of acres of undeveloped land in the Pabst Farms development area, Waukesha County records show. Harbor Bay Ventures did not respond to request for comment.
On the eastern side of the Fleet Farm storm at Pabst Farms, Illinois-based Wingspan Development Group has proposed a large development project that could include apartments, retail, office space, restaurants and a 320,000-square-foot innovation hub, according to
initial plans presented in 2023.
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