Blair Williams, president of WiRED Properties, has sold the Mequon Town Center to a Plover-based investor and developer.
Rolly Lokre, principle of Lokre Companies, purchased the mixed-use development Dec. 2 for an undisclosed price.
“This is a great location and I’m very excited about owning it,” Lokre said. “We are looking at this project as a long-term hold for us. We think the developers did a very good job.”
Williams confirmed the sale, but did not want to comment.
Mequon Town Center, 6006 W. Mequon Road, was developed by WiRED Properties and includes 36,000 square feet of retail and 28 high-end apartments. Tenants include Colectivo Coffee, Café Hollander, The Ruby Tap and Elements Massage.
There is one 2,500-square-foot retail space still available.
“We will start actively marketing that space and feel it will lease up shortly. This is a great community,” Lokre said. “We just want to work very close with the community and do whatever we can to have the best experience.”
Lokre has owned properties in the Milwaukee area in the past, but Mequon Town Center is the only property he currently owns in southeastern Wisconsin.
“Most of my holdings are in the Midwest,” he said. “As of late, our focus has been on Milwaukee, and we are looking to purchase more in the Milwaukee area.”
Earlier this year, Lokre had an option to purchase the First Financial Centre at the northeast corner of Water Street and Wisconsin Avenue in downtown Milwaukee. He was planning to convert a portion of the building into a hotel.
He later sold the contract to an affiliate of Missouri-based Drury Southwest Inc. The company purchased the 14-story office building from Bachan Singh of Brookfield for $4.6 million and is planning to convert it into a 200-room Drury Hotel.
