Newport Capital Partners acquires prominent retail center in Brookfield, WI
CHICAGO, IL–(Marketwired – March 22, 2018) – Newport Capital Partners has acquired The Plaza, a 108,000 s.f. neighborhood retail center situated on 11 acres in the Milwaukee suburb of Brookfield, Wisconsin, for $17.9 million. The highly sought-after retail asset is the 7th acquisition for Newport Capital Partners Fund II. Rick Drogosz of MidAmerica Real Estate Corporation represented IRC Retail Centers in the sale.
The Plaza is currently 99% leased with a diverse mix of 22 tenants, and anchored by CVS Pharmacy, Guitar Center, Stan’s Fit for your Feet and Hooters Restaurant. The property is strategically located minutes north of I-94 and just west of the Milwaukee County Zoo at the heavily traveled intersection of Bluemound Road and Calhoun Road in Brookfield. The Plaza is in one of the strongest retail submarkets of suburban Milwaukee, the Bluemound corridor, which consists of 4 million s.f. of retail and features strong demographics and high traffic counts.
“We are thrilled to have acquired our seventh asset on behalf of Newport Fund II, and our third property now under management in the Greater Milwaukee area,” said Ben Andrews, Principal at Newport Capital Partners. “The property is well located, has a tremendously diverse tenant mix, and fits well into our value-added portfolio. We look forward to our continued expansion in the Milwaukee market.”
Newport Capital Partners is a vertically integrated real estate investment management firm with approximately $400 million of assets under management. Newport is currently raising capital for Newport Capital Partners Fund II, with an investment strategy focused on value-add, income producing, convenience, neighborhood and community retail properties throughout the Central United States. To learn more about Newport, please call Ben Andrews or Derrick McGavic at (312) 724-7031 or visit the company website at www.newportcapitalptrs.com.