Walled Lake, Michigan-based real estate investment firm Etkin & Co. acquired its first Milwaukee area property when it recently purchased a major portion of The Shoppes at Fox River shopping center in Waukesha. SBV-Fox River LLC, an affiliate of Etkin, bought the center for $55 million.
The retail development at the intersection of West Sunset Drive and Oakdale Drive was one of two properties sold recently by Farmington Hills, Michigan-based RPT Realty for a combined $68.5 million. The other shopping center sold was East Town Plaza in Madison.
Major tenants at the 55-acre Shoppes at Fox River include Target, Pick ’n Save, Hobby Lobby, T.J. Maxx, Petco and ULTA Beauty. Joanne Etkin, partner at Etkin, said there are only two vacant spaces in the shopping center; one is 7,500 square feet and another is 1,000 square feet.
The center was developed on a former Fleming Cos. property, and was one of the few retail developments built in the metro Milwaukee area during the Great Recession.
Address: 1180 W. Sunset Drive, Waukesha
Buyer: SBV-Fox River LLC, an affiliate of Etkin & Co.
Seller: RPT Realty
Price: $55 million