A Piggly Wiggly affiliate has purchased Ruby Isle Shopping Center in Brookfield for $17.8 million, according to state real estate records.
The 16-acre parcel, at the southwest corner of North Avenue and Calhoun Road, is part of the Ruby Isle Development Area created by the city in the late 1980s to serve as Brookfield’s Civic Center, both geographically and operationally.
The shopping center was built in the 1960s by the Ruby family. Facade improvements and additions were made in the late 1980s and early 1990s as part of the overall development plan by the city, said Daniel Ertl Director of Community Development. The shopping center is located near Brookfield Central High School, the post office and municipal buildings.
The Ruby Isle Shopping Center was sold by the Ruby Family, to Sheboygan-based PJR. The shopping center, located at 2205 N. Calhoun Road, has an assessed value of $15.7 million.
PJR's registered agent is Michael Isken, chief financial officer at Sheboygan-based Piggly Wiggly Midwest LLC, which franchises the Piggly Wiggly brand in Wisconsin and elsewhere.
Gary Suokko, chief operating officer, Piggly Wiggly Midwest, said the purchase was strictly a real estate investment. Piggly Wiggly Midwest also owns a shopping center at 709 E. Capitol Dr. in Milwaukee and a shopping center at 123 W. Oklahoma Ave. in Milwaukee.
The anchor tenant for Ruby Isle Shopping Center is a Pick 'n Save store. Other tenants include: Panera Bread, Anytime Fitness, Pop'n Spot gourmet popcorn.
Suokko said it will be up to Roundy's to decide if it wants to renew its lease for the Pick ‘n Save store at Ruby Isle. Piggly Wiggly does not mind owning real estate anchored by a different grocer, he said.
Suokko said since Piggly Wiggly was taken from public to private 10 years ago by Chicago grocer Paul Butera, the company has done well and will continue to look at every possible growth opportunity that presents itself.
“We’re doing very well,” Suokko said. “Since we became a privately-held company 10 years ago, our company has continued to grow.”