Denver-based
Baceline Investments LLC, which has been busy buying Milwaukee-area retail properties in recent years, has added four more to the list as part of a $15 million portfolio deal.
The portfolio consists of retail centers totaling nearly 97,300 square feet in Milwaukee and Waukesha counties.
They included Brookfield-area retail centers Harvard Square, at 18000 W. Bluemound Road, Brookfield, and Northfield Shopping Center, at 12605 W. North Ave., town of Brookfield; Lincoln Plaza, 2225-2267 S. 108th St., West Allis; and Mitchell Bank Plaza, 12400 W. National Ave., New Berlin.
Collectively, the retail centers are assessed at nearly $11.8 million, according to county records.
Harvard Square totals 27,100 square feet and is 100% occupied, with tenants including Talbots, Chico's and Athletico. It sold for $5.75 million, according to state records.
The nearly 30,100-square-foot Lincoln Plaza includes tenants such as Health Hut, Anytime Fitness and H&R Block, among a dozen others. It also sold for $5.75 million.
Mitchell Bank Plaza is 15,900 square feet, and has tenants including Mitchell Bank, Pizza Hut and Allstate. It sold for nearly $1.83 million. Northfield Shopping Center totals 15,200 square feet, and was sold for $1.75 million.
Newmark Knight Frank managing directors Kevin Schmoldt and Brian Vanevenhoven, represented the sellers, which were various entities associated with William Reilly and Leon Joseph.
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"These are all well-maintained shopping centers, each with a desirable tenant mix and proximity to high-traffic retail corridors," Schmoldt said.
Schmoldt added the owners have maintained the properties for decades, and recently decided it was the right time to sell. He said the sellers received 11 offers, some of which were for the full portfolio while others were for individual properties. Interest came from local, regional and national buyers.
The offering represented an opportunity for Baceline to "substantially increase the size of its portfolio in Wisconsin," said Schmoldt.
According to
its website, Baceline owns seven other Wisconsin properties, all but one of which are located in the Milwaukee area. Other recent acquisitions by Baceline include the
Woodlands Market in Menomonee Falls for $2.7 million and the
Sequoia Center in Milwaukee for $3.6 million.
