MILWAUKEE, Wis. —Nov. 12, 2012—Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased, through its affiliated entities, the 58,000-square-foot East Pointe Marketplace situated in the heart of Downtown Milwaukee, at the corner of East Lyon Street and North Van Buren Street. The center is anchored by a strong performing Pick ‘n Save grocery store, wholly owned by Roundy’s, the dominant grocery store operator in Milwaukee. Westwood Financial Corp. closed the transaction from start to finish in 28 days.
“The East Pointe Marketplace is an A++ quality urban grocery-anchored shopping center. The surrounding areas unmatched downtown resident population density, nearby Marquette University, and the ability to draw from Milwaukee’s daytime office population and downtown entertainment attractions make the property nearly impossible to replace,” said Westwood Financial Corp. Executive VP Joe Dykstra.
Built in 1994, East Pointe Marketplace has consistently remained at full occupancy and is 100 percent leased. In addition to Pick ‘N Save, national retailers account for 91 percent of the occupancy including Starbucks, Einstein Bagels, Sally Beauty, Noodles & Company, Guaranty Bank, UPS Store, Five Guys Burgers, Carriage Cleaners and Accelerated Health Systems.
The property was purchased from an affiliate of Northwestern Mutual, who was represented by Daniel Kaufman, Jim Batjer and Barry Brown of Holiday Fenoglio Fowler.