Affiliates of Milwaukee-based real estate firm Zilber Ltd. sold a portfolio of three Milwaukee area retail properties to affiliates of Northbrook, Ill.-based Next Realty LLC for about $16.7 million, according to state records.
“This group of properties represents a great opportunity for Next to acquire stable assets, with a strong tenant mix in a vibrant Milwaukee market,” said Andy Hochberg, CEO of Next Realty.
The properties, which have a total of 126,000 square feet of retail space, include:
South Towne Center, 3700-50 S. 27th St., Milwaukee, which was sold for $6.6 million. The 65,000-square-foot shopping center is fully leased with tenants that include Save-A-Lot, Dollar Tree, Rainbow and Get It Now. It was built in 1958 and renovated in 1998. The property has an assessed value of $5.2 million, according to city records.
[caption id="attachment_134033" align="alignright" width="348"] Autumn Grove Plaza[/caption]
Autumn Grove Plaza, at 12850-960 W. Bluemound Road, Elm Grove, sold for about $6.1 million. The three-building property has 29,000 square feet of space and is fully leased. Tenants include TCF Bank, Commerce State Bank, Wisconsin Vision, Wine Cellars of Wisconsin, Elements Therapeutic Massage and Tom & Chee’s restaurant. It was built in phases, with the TCF building constructed in 1981 and the two additional buildings in 2005.
Greenfield Towne Center, at 6100-96 W. Layton Ave., Greenfield, sold for about $4 million. The 32,000-square-foot shopping center is 96 percent leased with tenants that include Wisconsin Credit Union, U.S. Army and Navy recruitment offices, Medical Diagnostic Imaging and Board Game Barrister. It was built in 1995.
“Each of the three properties has unique characteristics, with an attractive near-term yield, and longer-term value-creation potential,” said Marc Blum, president of Next Realty.
The deal is the latest example in a growing list of out of state real estate firms that have made significant investments in commercial real estate in southeastern Wisconsin in recent years.
Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher represented Zilber in brokering the sale of the properties to Next Realty.
“Next Realty recognized the solid fundamentals of these assets and how well they are positioned to benefit from Milwaukee’s strong retail market,” Gallagher said.