Pewaukee Plaza sold for $5.5 million

Once neglected strip mall now has anchor tenant, fully occupied

Pewaukee Plaza

Last updated on May 15th, 2019 at 04:50 pm

Less than two years after purchasing the neglected Pewaukee Plaza, MLG Capital has secured an anchor tenant for the retail plaza and brought occupancy up to 95 percent.

Pewaukee Plaza

Last week, the real estate investment company sold the strip mall to Adams Group LLC for $5.5 million.

Adams Group LLC is registered to Helmut Adam, chairman of the Olympus Group.

MLG Capital purchased the Pewaukee Plaza in January 2017 for $1.8 million. At the time, the occupancy rate was 9 percent.

The 69,530-square-foot plaza at 1230 W. Capitol Drivein Pewaukee had been without an anchor tenant for more than five years.

Ashley Furniture HomeStore now anchors the building.

In addition to releasing the space, MLG Capital also gave the property a new façade, new parking lot and several other upgrades, said Andy Bruce, principal of MLG Capital.

MLG Capital purchases property across the country for its investors.

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