A partnership formed by commercial mortgage lending specialists Innovative Capital Advisors and Chicago-based HSA Commercial Real Estate has completed the acquisition of the 217,346-square-foot Brookfield Fashion Center in Brookfield, Wisconsin.
The regional shopping center, on Bluemound Road just west of Brookfield Square Mall, is anchored by Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty. Built in 1986, the center has managed to retain several original tenants during the past three decades, including Dress Barn, LensCrafters and Pier 1 Imports. It is currently 97-percent leased.
“The positive attributes of this property are plain to see – the tremendous trade area demographics, the sizeable frontage on Bluemound Road and the stability of the tenancy,” said Tim Blum, executive vice president of retail development with HSA Commercial Real Estate.
In June of 2013, a separate joint venture between ICA and HSA Commercial acquired Plaza 173, a 92,000-square-foot retail center a quarter-mile west of the Brookfield Fashion Center. Anchor tenants in that property, which is being rebranded as Calhoun Crossing as part of a full-scale redevelopment, include Fresh Thyme Farmers Market, Total Wine & More and DSW Designer Shoe Warehouse.