Retail building in Whitestone Station sold to Michigan investor

Aerial photo of the White Stone Station development along I-41 in Menomonee Falls.

Last updated on July 2nd, 2019 at 10:54 am

A multi-tenant retail building that is part of the Whitestone Station development in Menomonee Falls has been sold for $17.4 million.

State records show the building, located at N91 W16067 Falls Parkway, was purchased by an affiliate of Agree Realty Corp., of Bloomfield Hills, Michigan. The real estate investment trust acquired the property from an affiliate of Milwaukee-based Cobalt Partners LLC and Wauwatosa-based Selzer Ornst. Cobalt Partners is the developer of Whitestone Station, and Selzer Ornst was the construction manager.

The sale of the roughly 6.7-acre site includes the 101,307-square-foot retail building. The building was constructed in 2016, and its tenants include TJ Maxx, Five Below, Ross Dress for Less, HomeGoods and ULTA Beauty.

A representative of Agree Realty declined to comment on the transaction. According to the firm’s website, Agree Realty owns nearly 20 other properties in Wisconsin, including Sherwin Williams stores in Sheboygan and Mount Pleasant and a building that includes a Sherwin Williams and OfficeMax in Oak Creek.

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Alex Zank, former BizTimes Milwaukee reporter.

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