Mid-America Real Estate Corporation Executes Sale of 178,784 SF Shoppers World in Brookfield, Wisconsin
November 9, 2022
Mid-America Real Estate Corporation’s Investment Sales Group recently brokered the sale of Shoppers World of Brookfield, a 100% leased, 178,784-square-foot community center anchored by Ross Dress for Less, Burlington, Xperience Fitness, and a brand-new Best Buy Outlet, located in west suburban Milwaukee suburb of Brookfield, Wisconsin.
Shoppers World is shadow anchored by Metro Market (Kroger Co.), which provides a significant grocery draw to the property, and also features O’Reilly Auto Parts, Leslie’s Pool Supplies, among others. The center is strategically positioned at the heavily trafficked corner of Capitol Drive and 124th Street (over 70,000 VPD combined), and directly west of a full interchange with I-41/U.S. 45, easily accessible to the Brookfield and Wauwatosa communities. Shoppers World is located in the Mayfair regional trade area and less than two miles north of Mayfair Mall, Wisconsin’s top performing enclosed regional mall.
PMAT bought the center at 78% occupancy in 2019 and stabilized the property for disposition in less than four years. This transaction concludes another successful value-add execution through anchor and small shop leasing, renewals, parcellation, and fractional sales.
Mid-America Real Estate Corporation Principal/Managing Broker Ben Wineman and Vice President Emily Gadomski, in cooperation with Mid-America Real Estate – Wisconsin, LLC Principal Dan Rosenfeld (a licensed Wisconsin Broker), were the exclusive brokers in the transaction on behalf of an affiliate of New Orleans-based private investment firm, PMAT. The purchaser was a Private Investor in a 1031 exchange represented by Brandon Goodman, Spencer Strong, Sage Shepard, and Nate Monson in the Salt Lake City, UT office of Colliers International.
PMAT is a real estate development and investment platform focused on value-add Select Open Air Retail (SOAR) investments across the Southeast, Sunbelt, and Midwest with nearly 100 transactions consisting of more than 10.95 million square feet with an aggregate value in excess of $1.3 billion. PMAT’s proven investment strategy is to acquire value-add Select Open Air Retail (SOAR) assets anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments. For more information on PMAT please visit www.pmat.com.
About Mid-America Real Estate
Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. Mid-America leases and manages more than 60 million square feet of retail space, and represents over 270 retailers and other tenants.
Mid-America’s Investment Sales Group represents clients in the sale of retail properties throughout the greater Midwest region. The Investment Sales Group’s strategic approach combines outstanding national exposure with the best local knowledge, resulting in the successful disposition of over $13 billion to date. For more information, visit www.midamericagrp.com.
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