Village of Pewaukee - A Brookfield real estate investment company has bought the Pewaukee Plaza shopping center.
MLG Capital used its MLG Private Fund III to buy the 69,000-square-foot multitenant retail center property at 1230 Capitol Drive on Jan. 24. It once housed Ashley Furniture and has an empty anchor storefront surrounded by Ace Hardware, Waukesha State Bank and Autozone. Real estate brokers are reporting interest from anchor tenants to fill that space, according to a news release.
"We're usually looking for properties where we can add our expertise and capital and increase the value for our investors. This property had been foreclosed on. The people that were managing it had trouble finding tenants for it, so it was a pretty good deal even thought it had been sitting there for a long time and nobody else jumped on it. We're happy to do so," said chairman and MLG Capital co-founder Michael Mooney.
"We believe this property is strategically located in the Pewaukee submarket and will be an integral piece of the community. We believe we can reposition the property. This retail center will provide additional property diversity for the investors in MLG Private Fund III LLC." said Andy Bruce, Principal at MLG Capital said in a news release.
The fund named NAI MLG Commercial to handle Pewaukee Plaza's leasing, and was led by Kevin Schmoldt and Brian Vanevenhoven.
"In the hands of an active investor, the shopping center should quickly find the audience of an anchor tenant," Schmoldt said.