A partnership formed by commercial mortgage lending specialists Innovative Capital Advisors (ICA) and Chicago-based HSA Commercial Real Estate, a full-service real estate firm, has completed the acquisition of the 217,346-square-foot Brookfield Fashion Center in Brookfield, Wis. The regional shopping center, which is located 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 over 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. “But what was probably most compelling to us was the opportunity to reinvigorate the tenant mix, and our hope is that, through our expertise in project merchandising and design, we can help the Brookfield Fashion Center realize its full potential as a regional shopping destination for the benefit of the shoppers and residents throughout the Milwaukee area.”
In June 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.
“Through our experience with the Calhoun Crossing development, we have seen the demand among retailers looking to tap into the attractive demographics in the Brookfield area,” Blum said. “With the relative scarcity of available retail space on Bluemound Road, we have the opportunity to be thoughtful and selective in crafting a merchandising strategy that will excite customers and drive regular traffic to the Brookfield Fashion Center.”
HSA Commercial Real Estate has been actively developing and investing in retail real estate throughout suburban Milwaukee with several notable projects and acquisitions, including The Mayfair Collection and Stamp Factory in Wauwatosa, Calhoun Crossing in Brookfield and the Barnes & Noble Center in Greenfield. With the acquisition of the Brookfield Fashion Center, HSA Commercial Real Estate now has over 1 million square feet of retail or mixed-use property either stabilized or under development in the Milwaukee area.