Wednesday, June 12, 2024

Waukesha shopping center sold for $16 million

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A Waukesha shopping center has been sold from one national investor to another for $16.4 million, according to state records.

Silvernail Plaza, located on a 13.5 acre site at 2100 Silvernail Road near the border with the City of Pewaukee, is currently anchored by Metro Market and Dollar Tree stores, and also has a tanning salon, H&R Block and other smaller tenants.

The strip mall portion of the center sold for $12.3 million, state records show, with three of its commercial outlots selling for $4.1 million. Those outlots include a Firestone Auto Care, Arby’s and Wendy’s.

The properties were purchased by an affiliate of Cincinnati-based Essential Growth Properties, which invests in retail centers nationally, it’s website shows.

Essential Growth bought the properties from an affiliate of Minneapolis-based United Properties, another national commercial real estate firm.

Silvernail Plaza is marketed locally by Mid-America Real Estate and currently has about 9,700 square feet of space available, according to marketing materials for the property.

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