A Chicago-based real estate investment firm has acquired The Plaza retail center in Brookfield for $17.9 million.
[caption id="attachment_322807" align="alignright" width="342"]
The Plaza in Brookfield sold for $17.9 million[/caption]
An affiliate of Newport Capital Partners purchased the 108,000-square-foot center located on 10.5-acres at 17105-17165 W. Bluemound Road from IRC V. Richards Plaza LLC, according to state records.
IRC V. Richard Plaza LLC is an affiliate of Oak Brook, Illinois-based IRC Retail Centers LLC.
The shopping center is anchored by CVS Pharmacy, Guitar Center and Half Price Books. The V. Richards store in the shopping center closed last year and was replaced by National Bakery & Deli
The Plaza is 99 percent leased with 22 tenants.
"We are thrilled to have acquired our seventh asset on behalf of Newport Fund II, and our third property now under management in the Greater Milwaukee area," said Ben Andrews, principal at Newport Capital Partners. "The property is well located, has a tremendously diverse tenant mix, and fits well into our value-added portfolio. We look forward to our continued expansion in the Milwaukee market."
Newport Capital Partners is a boutique real estate firm that was formed in 2004. The company now owns three Milwaukee-area properties including Whitnall Square, 4698 S Whitnall Ave., St. Francis.
Mid-America Real Estate Group Wisconsin was the broker in the transaction.