Institutional buyer acquires fully occupied, service‑based retail center in
Milwaukee’s North Shore trade area
GLENDALE, Wis. – Hanley Investment Group Real Estate Advisors, a nationally recognized retail investment sales brokerage firm specializing in retail property sales, announced today that the firm has arranged the sale of Cornerstone Shopping Center, a 13,308‑square‑foot retail center located in the North Shore trade area across from Bayshore, one of Wisconsin’s premier mixed‑use destinations. Hanley Investment Group has facilitated $710 million in retail property sales transactions in the Midwest over the last 36 months.
Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, in association with ParaSell, Inc., represented the seller, a private investor from North San Diego County, California. The buyer, SW Neighborhood Centers IV, an affiliate of Alabama-based commercial real estate firm Shannon Waltchack, represented themselves.
“We generated multiple competitive offers from private equity and institutional buyers within the first few weeks of marketing and secured an all‑cash institutional buyer that closed escrow in 45 days,” Lefko said. “Cornerstone Shopping Center offered corporate tenancy, replaceable rents and a premier North Shore location, which drove strong investor interest from across the country.”
“Investor demand for high-quality retail in the Milwaukee metro area continues to outperform expectations, especially in the North Shore trade area,” Lefko said. “Assets with corporate tenancy and long operating histories remain highly sought after, and the stability of the North Shore submarket made Cornerstone Shopping Center a competitive target for private and institutional buyers.”
The property consists of two retail buildings totaling 13,308 square feet on 1.05 acres. It is located at 635‑695 West Silver Spring Drive and 5575‑5595 North Port Washington Road in Glendale, Wisconsin, and was 100% occupied at the time of the sale.
Cornerstone Shopping Center is a four tenant, service and necessity-based retail investment in Glendale’s North Shore trade area. The center is located directly across from Bayshore, one of Wisconsin’s premier mixed-use destinations with 6.4 million annual visitors according to placer.ai. It sits at the hard corner, signalized intersection of Port Washington Road and Silver Spring Drive with 56,000 cars per day and offers immediate access to Interstate 43, which carries 106,000 cars per day and serves as the primary north–south corridor connecting downtown Milwaukee to the affluent northern suburbs.
The property’s combination of daily‑needs tenancy, strong traffic counts and freeway adjacency reflects the fundamentals driving retail investment activity across the Milwaukee metro area.
Built in 2003, the property features corporate leases with replaceable rents. Three of the four tenants have rental increases in year two, increasing the cap rate by 35 basis points.
The tenants include:
- Wild Fork Foods, which opened at the center in 2022. Wild Fork is a specialty meat and seafood market backed by JBS USA, one of the world’s largest food companies. The brand continues to expand nationally with more than 70 locations, and the Glendale store represents its first Wisconsin location and anchors its Upper Midwest expansion.
- Pearle Vision has been at the center since 2003 and is backed by EssilorLuxottica, the global eyewear leader and parent company of Ray Ban, Oakley, LensCrafters and Sunglass Hut. The brand has more than 550 locations across North America.
- Panera Bread is one of the nation’s leading fast casual bakery café brands with more than 2,200 locations and strong national brand recognition. Panera Bread has been at the center since 2003.
- Vivo Infusion is under a brand-new five-year lease. Vivo Infusion is a rapidly growing national provider of outpatient infusion and injection therapy with more than 80 locations across multiple states.
“The combination of corporate tenants, long operating histories and strong surrounding demographics created a durable income profile that resonated with investors,” Asher said. “Retail assets with necessity‑based uses and proven rent levels continue to attract capital, and Cornerstone Shopping Center is a clear example of that trend.”
“Cornerstone is a great addition to the SWNC portfolio, showcasing strong retail fundamentals such as high visibility, excellent demographics and a seasoned tenant lineup,” said Jonathan Kahalley, director of acquisitions and partner at Shannon Waltchack.
The center is located in the affluent and densely populated North Shore trade area, which has an average household income of more than $158,000 and is one of the wealthiest submarkets in metropolitan Milwaukee and the State of Wisconsin. Nearby communities include Whitefish Bay with an average household income of $216,000, Fox Point at $250,000, Bayside at $185,500 and River Hills at $327,000.
The Milwaukee metro area is home to more than 1.5 million residents and is a 20‑minute drive from the property. Milwaukee was ranked the number three “Best Big City in the U.S.” in the 2025 Condé Nast Traveler Readers’ Choice Awards and is home to The University of Wisconsin‑Milwaukee, Marquette University and the Milwaukee School of Engineering. The region’s strong employment base, university presence and sustained population growth continue to support retail performance and investor demand.
Bayshore, located directly across from the property, is a 1.27‑million‑square‑foot open‑air mixed‑use center featuring more than 60 shops, restaurants and offices. Bayshore offers free entertainment, events and experiences including concerts and cultural festivals. The center is home to Bayshore Place and The Lydell, two luxury multifamily communities with more than 420 units.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a transaction track record exceeding $13.1 billion, specializing in the sale of grocery-anchored, anchored, multi-tenant and single-tenant retail properties nationwide. The firm’s expertise, proven track record spanning more than 20 years, and dedication to putting clients’ needs first set it apart in the industry. Hanley Investment Group creates value by delivering exceptional results through property-specific marketing strategies, cutting-edge technology and local market knowledge. Hanley Investment Group’s relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers translate into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit hanleyinvestmentgroup.com.
