Brookfield-based MLG Capital
has purchased a neglected strip mall on West Capitol Drive in Pewaukee for $1.8 million.
[caption id="attachment_160988" align="alignright" width="341"]
The Pewaukee Plaza strip mall.[/caption]
The 147,300-square-foot Pewaukee Plaza at 1256 W. Capitol Drive lost its anchor tenant more than five years ago and MLG is hoping to revitalize the center and re-lease the building.
“We want to focus first on the anchor tenant,” said Andy Bruce, principal of MLG Capital. “It is in a good location, well signed and has a stop light at both entrances. It just needs some TLC and local aggressive leasing and local ownership.”
MLG Capital purchased the property from Miami Beach, Florida-based LNR Property LLC, according to state records.
MLG Capital purchases property across the country for its investors but is always looking for opportunities locally, Bruce said.
“This purchase was a chance to add value back to our own backyard and a nice opportunity for our investors,” Bruce said.