Chicago real estate investment firm Newport Capital Partners has purchased the Brownstones Shopping Center in Brookfield for roughly $26.3 million, state records show.
Mid-America Real Estate Corp. announced Tuesday it had recently brokered the sale of the 137,816-square-foot shopping center, located near the northwest corner of West Bluemound and North Calhoun roads, but did not disclose the sale price. Brownstones is anchored by a Metro Market grocery store and a TJ Maxx. Other tenants include Verizon Wireless, ATI Physical Therapy, Pearle Vision, Jersey Mike’s and Blaze Pizza and a number of salons.
Rick Drogosz, principal of Mid-America, along with Teresa Shemitis, Mid-America Real Estate-Wisconsin LLC vice president, were the exclusive brokers in the transaction on behalf of the seller, Oak Brook, Illinois-based IRC Retail Centers.
This is the latest area shopping center purchased by Newport Capital Partners. The firm in March acquired The Plaza retail center, located at the the southeast corner of Bluemound and Calhoun in Brookfield, for $17.9 million. That shopping center is anchored by CVS Pharmacy, Guitar Center and Half Price Books.
In 2016, the firm purchased Whitnall Square, a strip mall at the intersection of Layton and Whitnall avenues in St. Francis for $11.9 million, as well as a shopping center at North Mayfair Road, just south of Interstate 41, in Wauwatosa for $17.4 million. Both of those properties are anchored by a Pick ‘n Save.