MADISON—WS Capital Partners (WSCP), the investment arm of WS Development, has acquired the 474,000-sq.-ft. Hilldale Shopping Center in Madison. It is the company’s first property in Wisconsin for the Chestnut Hill, Mass.-based shopping center owner and developer.

WSCP acquired the defaulted first and second mortgages earlier in the year and recently completed the acquisition of the property.

Opened in 1962, Hilldale Shopping Center was originally developed as part of the Hill Farms Neighborhood, and has been expanded and renovated several times in the decades since, most recently in 2006. The center includes more than 55 retailers including Macy’s Sundance Cinemas, Target and more.

The center serves the entire Madison metropolitan area, including the staff and student population of the nearby University of Wisconsin-Madison.