A Chicago-based real estate investment management firm has purchased a strip mall in St. Francis for $11.9 million.
Newport Capital Partners Fund II bought Whitnall Square, a 133,000-square-foot shopping center, anchored by Pick ‘n Save at the intersection of Layton and Whitnall avenues. The seller was Atlanta-based real estate investment firm, Regency Centers.
Located on a 14-acre site at 4698 S. Whitnall Ave., the shopping center has an assessed value of about $8 million, according to Milwaukee County records.
The property, which also includes Petco, Harbor Freight Tools and Dollar Tree, is 93 percent leased.
The transaction also included The Oaks of Oak Brook (Ill.), a 67,143-square-foot shopping center located on 5 acres. That property sold for $18.3 million.
