For Immediate Release
Vice President Private Equity
MLG Capital Announces Sale of ±70,000 Square-Foot
Retail Center in Pewaukee, Wisconsin.
MILWAUKEE, WIS. September 6th, 2018 – MLG Capital announced the sale of Pewaukee Plaza, a 69,530 square-foot retail center located in Pewaukee, Wisconsin. The asset was owned, managed and operated by entities related to MLG Capital. The investment entity in the asset was MLG Private Fund III LLC. The asset was sold to a buyer on 9/5/2018.
“We made a significant commitment to re-energize Pewaukee Plaza over the last several years, performing a major renovation including façade and parking lot improvements. We also focused on ‘re-tenanting’ the main anchor space with Ashley Furniture, as well as leasing or renewing in-line tenant suites at the property,” said Andy Sinclair, VP – Private Equity at MLG Capital.
“This investment represented a great project for the community and our investors in our MLG Private Fund III. MLG generally sells retail investments after improving and stabilizing the properties in pursuit of new value-added investment opportunities,” said Sinclair.
Pewaukee Plaza is situated in the Southwest Corner Westfield Way and Capitol Drive in Pewaukee, WI. Local and national tenants at Pewaukee Plaza such as Dominos, US Cellular, and anchor tenant, Ashley Furniture, comprise the tenant mix at this 98-percent-leased project. The Capitol Drive Corridor is a main east/west thoroughfare that connects Milwaukee’s western suburbs with Lake Michigan and is frequently used as an alternative to Interstate I-94. There are ±26,800 vehicles per day*** that pass this location, creating a strong retail location. The surrounding area includes stores like Walmart, Menards, Costco, PetSmart, Panera Bread, and Starbucks.
- MLG Capital purchased the Pewaukee Plaza in January 2017 for approximately $1.84M. At the time, the occupancy rate was 9 percent. The asset was sold for $5.5M and the occupancy was 98 percent, thanks to new leases MLG sealed with Ashley, a Domino’s pizza restaurant and nail salon
- In addition to releasing the space, MLG Capital also gave the property a new façade, new parking lot and several other upgrades
MLG Capital is currently on its third fund, MLG Private Fund III LLC*,a $150 Million equity fund that is accepting new accredited investors through September 30, 2018. 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 multifamily properties, Industrial, Retail, Office, and other opportunistic opportunities located in strategically identified areas throughout the United States. MLG Private Fund IV will open October 1st, 2018.
Since the inception of MLG Capital in 1987, the firm and entities associated had active, exited, or pending investments of approximately 15.5 million square feet of total space across the United States, inclusive of more than 12,000 apartment units, with exited and estimated current value exceeding $1.5 billion**
MLG Capital’s series of funds target cash on cash yields, quarterly distributions, and appreciation over time for investors. Read more about MLG Capital by visiting: www.mlgcapital.com/happenings
*Offers to sell an interest in an offering of MLG Capital or affiliates will only be made to a qualified purchaser by the delivery of the confidential private placement memorandum and current supplement, accompanied by a subscription document booklet. Please reference MLG Private Fund III LLC Confidential Private Placement Memorandum and current supplements for full details.
**as of 6/30/2018. Value is consistent of disposed of assets as well as the current internal valuation of currently held assets as of 12/31/2017. Values may not have been reviewed by an independent 3rd party and may be internal projections.
Investor Relations: Kathleen Pecard, Investor Relations Manager, Kpecard@mlgcapital.com