A shopping center anchored by a Pick 'n Save store and located at West Capitol Drive and North Calhoun Road in Brookfield was sold to a local group of real estate investors for $6.9 million.
The 9.7-acre property at 17295-17345 W. Capitol Drive was sold by Pewaukee-based Siepmann Realty Corp. to a group that includes local developers Robert Yunker, who has 21.43 percent tenant-in-common interest, and Stewart Wangard, who has 11.46 percent tenant-in-common interest, according to state real estate records.
"A number of us were involved in some Piggly Wiggly-anchored real estate that was recently sold off," Wangard said. "We plan on making upgrades to this property and starting a leasing program to fill the remaining vacancies and are looking forward to working with Roundy's on this location."
The property is assessed by Waukesha County at $7.16 million.
Wangard, chairman and chief executive officer of Wauwatosa-based real estate development firm Wangard Partners Inc., has a long history of grocery store ownership. At one time, Wangard Partners was Piggly Wiggly’s primary landlord.
The company now manages six Wisconsin Piggly Wiggly stores, a Cub Foods in Minneapolis and Pick ’n Save stores in the Fox Valley, Oconomowoc, Kenosha and on the northwest side of Milwaukee. Wangard’s Freshwater Plaza development, currently under construction in Walker’s Point, will include a Cermak Fresh Market grocery store.