Joint real estate equity fund acquires Wisconsin power center: Plaza 173
Brookfield, Wis. -- A joint real estate fund formed by Innovative Capital Advisors and HSA Commercial Real Estate recently purchased the 92,000-sq.-ft. Plaza 173 power center in Brookfield, Wis., in a competitive auction.
Tenants include Dunham’s Sports, Men’s Wearhouse, Famous Footwear and Kessler Jewelers.
Plaza 173 occupies the northwest corner of Bluemound Road and Calhoun Road. Bluemound Road, the primary retail thoroughfare in Brookfield, carries about 42,900 vehicles past the center each day. Nearby national retailers include Roundy’s Metro Market, Bed Bath and Beyond, Buy Buy Baby, Babies “R” Us and Sports Authority. The 1.1 million-sq.-ft. Brookfield Square Mall is just a mile away.
Plaza 173 has been under-utilized for years, said Tim Blum, executive VP with HSA Commercial. He went on to say that HSA Commercial and Innovative Capital Advisors are creating a redevelopment and leasing strategy designed to capitalize on the center’s location and market co-tenancies.