A partnership affiliated with HSA Commercial Real Estate, a full-service commercial real estate firm, has acquired the Barnes & Noble Center located at 4935 South 76th St. in Greenfield, Wisconsin – about 10 miles southwest of downtown Milwaukee. The shopping center consists of a 36,600-square-foot freestanding Barnes & Noble store, as well as a 9,029-square-foot multi-tenant retail building that includes Verizon Wireless. HSA Commercial, through related partnerships, owns several retail properties in the Milwaukee area, including The Mayfair Collection in Wauwatosa and Calhoun Crossing in Brookfield, but Barnes & Noble Center marks the Chicago-based firm’s first acquisition in the trade area surrounding Southridge Mall in southwest suburban Milwaukee.
“For most retailers, the 76th Street corridor is an essential part of a multi-store expansion strategy in the Milwaukee area because of the strength of nearby Southridge Mall,” said Tim Blum, executive vice president with HSA Commercial. “With that being the case, this property is a nice complement to our existing portfolio of shopping centers near Mayfair Mall and Brookfield Square.”
The Barnes & Noble Center was built in 1988 and is located a quarter mile north of the 1.2-million-square-foot Southridge Mall, the largest enclosed mall in the state of Wisconsin that was expanded to include a Macy’s department store in 2012. Barnes & Noble, the shopping center’s namesake tenant, opened the Greenfield location in 1994 and continues to be enjoyed by customers more than 20 years later.
“Through our interactions at other shopping center and mixed-use projects throughout the Midwest, we have developed a very strong working relationship with Barnes & Noble’s senior staff,” Blum stated. “We look forward to building on that relationship and having them as a long-term partner at this property as well.”
HSA Commercial will be responsible for management and leasing for the Barnes & Noble Center.