Delafield retail buildings sold for $13.75 million

Special to The Freeman

April 9, 2014

DELAFIELD – Two buildings in the Nagawaukee Center off of Interstate 94 in Delafield have been sold for $13.75 million to an investment group led by Wauwatosa-based Wangard Partners Inc.

The two buildings purchased are located in the 3200 block of Golf Road, along the north side of I-94 near Highway 83. The buildings have a total of 57,015 square feet of space and the site covers 6.67 acres, according to Wangard’s website.

Tenants inside the buildings include Best Buy, Famous Footwear, Panera Bread, Noodles & Company, Qdoba Mexican Grill, Scottrade, Penzeys Spices, Forward Dental and Nail Arts.

A year ago, Ramco-Gershenson Properties Trust, a real estate investment trust company, purchased the second phase of the Nagawaukee Center in Delafield for $22.7 million.

The 106,000-square-foot shopping center is anchored by a 38,000-square-foot Marshalls and a 40,000-square-foot Sports Authority and is located near the corner of Highway 83 and Interstate 94. The other 10 tenants include Applebee’s, FedEx Office, Five Guys Burgers and Fries and Starbucks.

Ramco-Gershenson Properties Trust has owned the first phase of Nagawaukee Center, anchored by an 81,000-square-foot Kohl’s and a 60,000-square-foot Sentry market, since June 2012, according to a news release.

The terms of the acquisition included Ramco-Gershenson’s assumption of a $9.3 million mortgage loan with an interest rate of 5.8 percent maturing in 2026, according to the April 2013 announcement.