Cushman & Wakefield announced demolition has started at The Corners of Brookfield, a $200 million 750,000 sq.ft. premier lifestyle center spread across 19-acres of land in Brookfield, Wisconsin. What was once a Menards location that had been idling empty for several years but will soon offer more than 235 luxury apartments and more than 1,000 permanent jobs in the Town of Brookfield. C&W advised The Marcus Corporation (NYSE: MCS) in the sale, just prior to the company entering into a joint venture agreement with retail development and investment experts IM Properties and Bradford Real Estate.
The open-air lifestyle luxury shopping, dining, entertainment, and living destination is projected to generate substantial economic benefits for Southeastern Wisconsin. Anchored by the upscale department store Von Maur, The Corners will feature 400,000 sq.ft. of retail and restaurant space in addition to 235 luxury residential apartments.
Shopping, dining, and living spaces will frame a central green space, and the development will also include free underground parking. Newly merged CBRE/UCR has been retained to manage retail leasing for the development, and the project management will be co-led by IM Properties and Bradford Real Estate.
“Relationships are important to us, as is local knowledge and expertise. During the past six years, IM Properties and Bradford Real Estate have developed an excellent working relationship and together have executed nine successful shopping center developments,” said Robert Gould, vice president at IM Properties. “Investing across an ocean, some 4,000 miles from home, requires a great deal of trust and confidence, both in your business relationships and in the quality of the end product. The Corners is a trophy investment opportunity and we are confident that it will be a flagship development with a great future.”
C&W, the world’s largest privately held commercial real estate firm, facilitated the negotiation process. C&W’s senior directors Evan Halkias and Michael Marks, director Nicholas Kanich, and executive vice president Geoff Millerd assisted and advised both the Marcus Corporation and IM Properties/Bradford Real Estate on both sides of the transaction.
“This is an exciting project for the Town of Brookfield and the State of Wisconsin. The expertise that IM Properties and Bradford bring to the development is invaluable. Their ability to deliver high quality construction and premier tenants will be extremely beneficial to this underserved market,” Said C&W’s Evan Halkias.
Formal groundbreaking for The Corners is planned for spring 2015, and the project is anticipated to be finalized in fall 2016.