A joint real estate fund formed by commercial mortgage lending specialists, Innovative Capital Advisors (ICA), and Chicago-based HSA Commercial Real Estate, a full-service real estate firm, recently purchased the 92,000-square-foot Plaza 173 shopping center located at the northwest corner of Bluemound Road and Calhoun Road in Brookfield, Wis. The power center, which was sold in a highly-competitive auction, is partially occupied by Dunham’s Sports, Men’s Wearhouse, Famous Footwear, and Kessler Jewelers.
Plaza 173 features strong visibility from Bluemound Road which carries 42,900 vehicles by the center each day and is the primary retail thoroughfare in Brookfield with a critical mass of national retailers including Roundy’s Metro Market, Bed Bath and Beyond, Buy Buy Baby, Babies R’ Us, and Sports Authority. Plaza 173 is also situated one mile west of the 1.1-million-square-foot Brookfield Square Mall anchored by Boston Store, JC Penney, and Sears.
“Plaza 173 has been under-utilized for years, but our team is in the process of creating an exciting redevelopment and leasing strategy that will allow us to capitalize on the tremendous location and market co-tenancy that this property has to offer,” said Tim Blum, executive vice president with HSA Commercial.
The acquisition of Plaza 173 is the second in the state of Wisconsin for the ICA / HSA partnership within the past year. In 2012, the joint equity fund purchased a 210,000-square-foot industrial building at 4201 Lien Road in Madison, Wis. near East Towne Mall that is fully-leased by Therma-Stor LLC, a manufacturer of dehumidifiers.
About ICA Real Estate Equity Fund I
ICA, an advisor to national institutional lenders, partnered with HSA Commercial in 2011 to launch “ICA Real Estate Equity Fund I”, a $50 million investment fund seeking acquisition opportunities across the Midwest. The fund managers are presently seeking real estate assets under $10 million in all property types (excluding hospitality) in Metro Chicago and second-tier markets throughout the Midwest. The Fund is focused on existing, income-producing properties located within high barrier to entry, in-fill markets. HSA Commercial Real Estate provides expertise in acquisitions, finance, management, leasing, and due diligence for these properties. The partnership is planning a series of funds to be implemented in the next five to ten years as the group continues to attract capital from insurance companies, pension funds, and high net worth investors.
About Innovative Capital Advisors
Innovative Capital Advisors was formed in 2003 to offer insurance investors access to the commercial mortgage loan market. ICA has originated over $350,000,000 of loans in 41 states and specializes in the small loan niche; loans under $3,000,000.