PMAT Sells Milwaukee-Area Retail Asset

Shoppers World. Image courtesy of Mid-America Real Estate Corp.

New Orleans-based PMAT Cos. has sold Shoppers World of Brookfield, a fully leased, 178,784-square-foot retail center in the Milwaukee suburb of Brookfield, Wis.

Mid-America Real Estate Corp. brokered the deal on behalf of the seller, while Colliers represented the buyer, a private investor who acquired the asset in a 1031 exchange.

Built in 1963 on a 17.5-acre site, the property is shadow-anchored by Metro Market. The center’s tenant roster also includes Ross Dress for Less, Burlington, Xperience Fitness, Best Buy Outlet, O’Reilly Auto Parts and Leslie’s Pool Supplies, among others.

PMAT bought the asset in 2019, at 78 percent occupancy, and stabilized it for disposition in less than four years. Despite inflation headwinds, decreased spending power and consumer confidence, retail fundamentals remained solid this year.

An easily accessible shopping destination

Located at 12575 W. Capitol Drive, Shoppers World is a highly transited shopping destination serving the residents of the Brookfield and Wauwatosa, Wis., communities. Situated just west of Interstate 41, the retail center sees a daily car traffic of approximately 70,000 vehicles. Additionally, the property is located in the Mayfair regional trade area, less than 2 miles north of Wisconsin’s regional Mayfair Mall.

The Mid-America Real Estate team representing the seller was led by Principal & Managing Broker Ben Wineman, Vice President Emily Gadomski and Principal Dan Rosenfeld.

Colliers Executive Vice President Brandon Goodman, Senior Associate Spencer Strong, Associate Sage Shepard and Vice President Nate Monson represented the buyer in the transaction.