The value of the first phase of the Mequon Town Center
development is already estimated to be $4 million more
than initially projected.
MEQUON — The Mequon Town Center, which has been open for
about a year and a half, has been sold.
Investors, which included developers Cindy Shaffer and
Blair Williams, closed on the sale to Lokre Companies, a
Plover-based developer and investor, earlier this month.
While specifics of the deal were not announced, Shaffer
told the News Graphic Monday that the estimated value of
the development is about $4 million more than the $14
million to $15 million initial estimates.
the end of the day, it’s close to $20 million,” said
Shaffer, who now is developing a second phase of the
Town Center just to the west. “It’s going to generate
considerably more revenue for the city than was
Shaffer, owner of Mequon-based Shaffer Development,
worked with Williams, owner of Milwaukee-based WiRED
Properties, as the Town Center proposal advanced through
the various stages of city approval.
five-building development at the corner of Mequon and
Cedarburg roads includes Café Hollander, Colectivo
Coffee, a variety of health-care services and other
retailers along with 28 apartments. One
2,500-square-foot retail space is available. As part of
the project, developers moved a gas station building to
the west end of the property and transformed it into the
new Howard J. Schroeder American Legion Post. The
Legion’s old building was demolished for the
Shaffer said she would have preferred to retain control
of the development.
“This was not my decision,” she said. “I was outvoted on
this. My intention was to hold this long-term.”
There was “an unsolicited offer” for the development. In
addition to Williams and Shaffer, other investors had a
say in whether the property would be sold, she said.
sat next to Blair when he said he was going to hold this
for the long term,” Shaffer said. “That was the hard
part for me. When I tell someone I’m going to do
something, I want to do it.”
Williams could not immediately be reached for comment.
Rolly Lokre, owner of Lokre Companies, told the News
Graphic in a phone interview Monday that he was “very,
very impressed” by the project and he was interested in
purchasing property in Mequon.
just felt it was a very well-done project by Cindy and
Blair,” he said. “I drove by it and was intrigued by it
before I knew it was for sale.
“When I heard it was for sale, I knew we were interested
in buying it,” he added. “We’re very happy to have it. I
look at it as a long-term hold. I look forward to
retaining the property.”
Shaffer and Lokre both said they are looking forward to
owning neighboring developments as Shaffer continues
work on the $27.5 million Spur 16 development that will
include 146 apartments, 10 townhomes, a restaurant and
other retail businesses. Mequon officials selected her
over Williams and another developer to proceed with the
project on land the city sold for $1. The project is
expected to produce $4.09 million in tax revenue over
its first 10 years.
think it will just enhance the area,” Lokre said. “The
cross section will create more of a destination, with a
few more restaurants. I think it’s a positive for the
Shaffer said she expects a harmonious relationship.
“Rolly Lokre is a great guy,” she said. “I did meet him
and I will continue to support him and the Town Center
and be a good neighbor. We intend to work together.”
Lokre said he will be a hands-on owner.
“I’ve been in development my whole life. The bulk of our
portfolio is in the Midwest,” he said. “This is our core
business. We own the properties and we self-manage. I
have very good people working for me – and they look at
it like the properties are theirs.”
Mayor Dan Abendroth said Monday he expects he and other
city officials will meet Lokre shortly after the
holidays. Lokre agreed, saying he hopes to set up a
meeting as soon as possible.
development industry is motivated by money and somebody
– I haven’t even met these people – offered him
(Williams) what he felt was a good deal,” Abendroth
mayor added he initially was surprised by the sale.
when you think about the kind of business – the way they
run their business – they just buy and sell stuff and
make deals and make money,” Abendroth said. “It is what
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