The Pabst Farms Market Place shopping center in Oconomowoc has been sold to a national real estate investor for $24.65 million, according to Waukesha County records.
The sale includes the Metro Market-anchored retail building at 1300 Pabst Farms Circle. It also includes two other multi-tenant retail outlot buildings. The buildings are occupied by Cousins Subs, Forefront Dermatology, Starbucks and others.
Investors group Pabst Farms Station LLC is the buyer. It is an affiliate of Cincinnati-based Phillips Edison & Co. According to its website, Phillips Edison is one of the country's largest owners and operators of grocery-anchored shopping centers.
Phillips Edison acquired the site from Pabst Farms Market Place LLC. That group is registered to William Niemann, executive vice president of Pabst Farms Development Inc.
A representative of Phillips Edison did not immediately respond to a request for comment. The firm lists eight other Wisconsin properties it owns. This includes six properties in southeastern Wisconsin, in Delafield, Franklin, Kenosha, Milwaukee and Racine.
Pabst Farms is a 1,500-acre development located around I-94 and Highway 67 in Oconomowoc. It includes residential neighborhoods, retail, hotels, an industrial park and a hospital.