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Milwaukee-Area Retail Center Trades for $18M
Newport Capital Partners has acquired The Plaza, a 108,000-square-foot neighborhood retail center in the Milwaukee suburb of Brookfield, WI, from IRC Retail Partners for $17.9 million. It represents the seventh acquisition for the boutique investment firm’s Fund II.
Currently 99% leased, The Plaza is in one of suburban Milwaukee’s strongest retail submarkets, the Bluemound corridor. “The property is well-located, has a tremendously diverse tenant mix and fits well into our value-added portfolio,” said principal Ben Andrews of Newport Capital. “We look forward to our continued expansion in the Milwaukee market.”
Chicago-based Newport is currently raising capital for Fund II, with a focus on value-add, income producing convenience, neighborhood and community retail properties throughout the Central States. Rick Drogosz of Mid-America Real Estate represented IRC Retail Centers in the sale to Newport.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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