Venture Purchases 124,636-SF Falls Plaza

MENOMONEE FALLS, WI-A real estate investment venture has purchased the 124,636-sf Falls Plaza retail center, in this suburb northwest of Milwaukee, from a similar venture. Falls Plaza Venture LLC bought the center, anchored by the Sentry Grocery Store, from GMK Falls Plaza LLC.

Edgemark Commercial Real Estate Services LLC represented the buyers in the deal, while Arthur Goldner of Arthur Goldner & Associates represented the seller. Jeffrey Kowal with Edgemark tells GlobeSt.com that he can't say the purchase price, but that the property leases from $6 on the low end, for the anchor tenant, to up to $18 per sf for the smaller tenants. "Most of them are in the $12 to $15 per sf range," he says. "The property is almost 100% occupied."

The property, at the southeast corner of Appleton Avenue and Elm Lane, has additional expansion space available, Kowal says. "There's some opportunities to do some additional development on excess land, and add tenants," he says. "The nice thing about this property is it has a lot of frontage and some good solid tenants."