Chicago real estate investment firm Newport Capital Partners has purchased the Brownstones Shopping Center in Brookfield for roughly $26.3 million, state records show.
[caption id="attachment_373439" align="alignright" width="351"]
Metro Market grocery store at Brownstones Shopping Center in Brookfield. (Credit: Mid-America Real Estate Corp.)[/caption]
Mid-America Real Estate Corp. announced Tuesday it had recently brokered the sale of the 137,816-square-foot shopping center, located near the northwest corner of West Bluemound and North Calhoun roads, but did not disclose the sale price. Brownstones is anchored by a Metro Market grocery store and a TJ Maxx. Other tenants include Verizon Wireless, ATI Physical Therapy, Pearle Vision, Jersey Mike's and Blaze Pizza and a number of salons.
Rick Drogosz, principal of Mid-America, along with Teresa Shemitis, Mid-America Real Estate-Wisconsin LLC vice president, were the exclusive brokers in the transaction on behalf of the seller, Oak Brook, Illinois-based IRC Retail Centers.
This is the latest area shopping center purchased by Newport Capital Partners. The firm in March acquired The Plaza retail center
, located at the the southeast corner of Bluemound and Calhoun in Brookfield, for $17.9 million. That shopping center is anchored by CVS Pharmacy, Guitar Center and Half Price Books.
In 2016, the firm purchased Whitnall Square
, a strip mall at the intersection of Layton and Whitnall avenues in St. Francis for $11.9 million, as well as a shopping center
at North Mayfair Road, just south of Interstate 41, in Wauwatosa for $17.4 million. Both of those properties are anchored by a Pick 'n Save.