For Immediate Release
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MLG Capital Announces Latest Investment Via Series of Private Funds
Pewaukee Plaza- Pewaukee, WI
*Photo credit: CoStar Group
Milwaukee, WI- January 24th, 2017 –MLG Capital (“MLG Capital”) is pleased to announce the strategic purchase of Pewaukee Plaza, a ±69,000 square foot multi-tenant retail center, by MLG Private Fund III LLC (“MLG Private Fund III”), its most recent in the series of the MLG Private Fund’s. MLG Private Fund III has immediate plans to improve the property and cure deferred maintenance in order to attract a lead anchor tenant to the property.
This retail property benefits from its location in Pewaukee near the junction of Capitol Drive and State Highway 16. This heavily trafficked thoroughfare has become the center point for retailers to locate within the Pewaukee sub-market. At this shopping center shadow tenants include Ace Hardware, Waukesha State Bank, and Autozone.
“We believe this property is strategically located in the Pewaukee submarket and will be an integral piece of the community. We believe we can reposition the property. This retail center will provide additional property diversity for the investors in MLG Private Fund III LLC.” said Andy Bruce, Principal at MLG Capital.
Pewaukee Plaza’s lead anchor tenant was previously Ashley Furniture. The center is currently 10% occupied with the largest vacancy being the anchor tenant suite. Retail leasing brokers report consistent interest in the site from possible anchor tenants. MLG Private Fund III is retaining NAI MLG Commercial to handle the property’s leasing. The NAI MLG Commercial leasing team will be led by Brian Vanevenhoven and Kevin Schmoldt.
Kevin Schmoldt of NAI MLG Commercial, the leasing broker on the property, stated, “in the hands of an active investor, the shopping center should quickly find the audience of an anchor tenant.” His colleague Brian Vanevenhoven at NAI MLG Commercial added “The retail vacancy in Pewaukee is very limited. With a committed local investor, we anticipate that we can lease the vacant spaces in a short period of time.”
MLG Capital Private Funds:
The series of MLG Private Funds were formed to acquire, directly or indirectly, a geographically diverse portfolio of commercial real estate. Primarily consisting of Commercial Class B multifamily properties, Industrial, Retail, Office, and other opportunistic opportunities located in strategically identified areas throughout the United States. View more about our latest fund by clicking here.
MLG Capital recently opened its third fund, MLG Private Fund III, a $150 Million equity fund that is currently accepting new investors. Since the launch of its inaugural diversified fund, MLG Private Fund I LLC, in 2012, MLG Capital’s funds have active or pending investments across 6 states consisting of 5.4 Million square feet and over 4,550 apartment units. To learn more, contact Andrew Sinclair, Vice President of Private Equity, at (262) 938-4418 or at firstname.lastname@example.org .
Dan Rosenfield, Rick Drogosz, and Scott Satula at Mid America lead the sales process. MLG Private Fund III represented itself in this transaction.
MLG Capital is a sponsor of direct acquisitions as well as private real estate equity funds.