Hanley Investment Group Real Estate Advisors arranged the sale of Cornerstone Shopping Center, a 13,308‑square‑foot retail center located in the North Shore trade area in Glendale, Wisconsin, across from Bayshore, one of Wisconsin’s premier mixed‑use destinations. Hanley Investment Group has facilitated $710 million in retail property sales transactions in the Midwest over the last 36 months.
Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, in association with ParaSell, Inc., represented the seller, a private investor from North San Diego County, California. The buyer, SW Neighborhood Centers IV, an affiliate of Alabama-based commercial real estate firm Shannon Waltchack, represented themselves.
“We generated multiple competitive offers from private equity and institutional buyers within the first few weeks of marketing and secured an all‑cash institutional buyer that closed escrow in 45 days,” Lefko said. “Cornerstone Shopping Center offered corporate tenancy, replaceable rents and a premier North Shore location, which drove strong investor interest from across the country.”
“Investor demand for high-quality retail in the Milwaukee metro area continues to outperform expectations, especially in the North Shore trade area,” Lefko said. “Assets with corporate tenancy and long operating histories remain highly sought after, and the stability of the North Shore submarket made Cornerstone Shopping Center a competitive target for private and institutional buyers.”
The property consists of two retail buildings totaling 13,308 square feet on 1.05 acres. It is located at 635‑695 West Silver Spring Drive and 5575‑5595 North Port Washington Road in Glendale, Wisconsin, and was 100% occupied at the time of the sale.
Cornerstone Shopping Center is a four tenant, service and necessity-based retail investment in Glendale’s North Shore trade area. The center is located directly across from Bayshore, one of Wisconsin’s premier mixed-use destinations with 6.4 million annual visitors according to placer.ai. It sits at the hard corner, signalized intersection of Port Washington Road and Silver Spring Drive with 56,000 cars per day and offers immediate access to Interstate 43, which carries 106,000 cars per day and serves as the primary north–south corridor connecting downtown Milwaukee to the affluent northern suburbs.
The property’s combination of daily‑needs tenancy, strong traffic counts and freeway adjacency reflects the fundamentals driving retail investment activity across the Milwaukee metro area.
Built in 2003, the property features corporate leases with replaceable rents. Three of the four tenants have rental increases in year two, increasing the cap rate by 35 basis points.
The tenants include:
- Wild Fork Foods, which opened at the center in 2022. Wild Fork is a specialty meat and seafood market backed by JBS USA, one of the world’s largest food companies. The brand continues to expand nationally with more than 70 locations, and the Glendale store represents its first Wisconsin location and anchors its Upper Midwest expansion.
- Pearle Vision has been at the center since 2003 and is backed by EssilorLuxottica, the global eyewear leader and parent company of Ray Ban, Oakley, LensCrafters and Sunglass Hut. The brand has more than 550 locations across North America.
- Panera Bread is one of the nation’s leading fast casual bakery café brands with more than 2,200 locations and strong national brand recognition. Panera Bread has been at the center since 2003.
- Vivo Infusion is under a brand-new five-year lease. Vivo Infusion is a rapidly growing national provider of outpatient infusion and injection therapy with more than 80 locations across multiple states.
