Real estate deal of the week

S&L Holding recently purchased the 33,423-square-foot Capitol Cinemas building and 6.5-acre property at 1275 Capitol Drive, Pewaukee, from Rosebud Partners LLC for $5.125 million. S&L was represented by Peter Glaser of CB Richard Ellis and Rosebud Partners was represented by Don Zien of CB Richard Ellis. Capitol Cinemas opened in 1995 and is the only movie theater complex in Pewaukee. S&L plans to convert the movie theater building into retail space. The project will include extensive renovations to the building’s façade. Two additional retail buildings, one 10,880 square feet and the other 9,100 square feet, will be built in the parking lot for retail or restaurant tenants. CB Richard Ellis will represent S&L Holding in leasing the retail space. "This project is being driven by the demand that retailers have to establish a location along this growing commercial corridor," said CB Richard Ellis spokesman John Visser. "This project will complement the existing retail lineup in this area of Capitol Drive between Highway 16 and Highway 164, which already includes Wal-Mart, Pick ‘n Save, Menards and Ashley Furniture. There are becoming fewer options for retailers to enter the Pewaukee market, which has seen a tremendous amount of development in recent years. This is a very positive project for Pewaukee and re-use of an existing building, which could have become a negative for the community."