Chicago-based developer HSA Commercial and Chicago-based commercial mortgage lender Innovative Capital Advisors have acquired Brookfield Fashion Center.
The 217,346-square-foot shopping center just northwest of Brookfield Square at 17000 W. Bluemound Road, in Brookfield, is anchored by Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty.
The shopping center was built in 1986 and has retained several of its original tenants. It is currently 97 percent leased. It sold for an undisclosed price.
“The positive attributes of this property are plain to see – the tremendous trade area demographics, the sizeable frontage on Bluemound Road and the stability of the tenancy,” Tim Blum, executive vice president of retail development with HSA Commercial Real Estate said in a statement.
Blum said he plans on “reinvigorating the tenant mix” and hopes his expertise will help the Brookfield Fashion Center realize its full potential as a regional shopping destination.
In June 2013, a separate joint venture between ICA and HSA Commercial acquired Plaza 173, a 92,000-square-foot retail center a quarter-mile west of the Brookfield Fashion Center. Anchor tenants in that property, which is being rebranded as Calhoun Crossing as part of a full-scale redevelopment, include Fresh Thyme Farmers Market, Total Wine & More and DSW Designer Shoe Warehouse.
HSA also developed The Mayfair Collection shopping center in Wauwatosa, which is anchored by Nordstrom Rack, Saks Fifth Avenue OFF 5TH, and Dick’s Sporting Goods.
“Through our experience with the Calhoun Crossing development, we have seen the demand among retailers looking to tap into the attractive demographics in the Brookfield area,” Blum said. “With the relative scarcity of available retail space on Bluemound Road, we have the opportunity to be thoughtful and selective in crafting a merchandising strategy that will excite customers and drive regular traffic to the Brookfield Fashion Center.”