BROOKFIELD, WI—A joint venture by HSA Commercial Real Estate and Innovative Capital Advisors has purchased the 92,000-sq.-ft Plaza 173 shopping center here for an undisclosed amount.
The property, which was sold at auction by lender Wells Fargo, is at the northwest corner of Bluemound and Calhoun roads. Tenants include Dunham’s Sports, Men’s Wearhouse, Famous Footwear and Kessler Jewelers. Four units are reportedly vacant at the property.
“Plaza 173 has been under-utilized for years, but our team is in the process of creating an exciting redevelopment and leasing strategy that will allow us to capitalize on the tremendous location and market co-tenancy that this property has to offer,” said Tim Blum, executive vice president with HSA Commercial, in a statement.
ICA, an advisor to national institutional lenders, partnered with HSA Commercial in 2011 to launch “ICA Real Estate Equity Fund I”, a $50 million investment fund seeking acquisition opportunities across the Midwest. The acquisition of Plaza 173 is the second in the state of Wisconsin for the ICA / HSA partnership within the past year. In 2012, the joint equity fund purchased a 210,000-sq.-ft. industrial building at 4201 Lien Rd. in Madison, Wis. near East Towne Mall that is fully-leased by Therma-Stor LLC, a manufacturer of dehumidifiers.