1440-1468 Capitol Drive — Pewaukee, WI
The Shops at Meadow Ridge
Somerstone acquired the 9 acre parcel in August 2017 and then split the parcel into four pad-ready retail development sites. Somerstone retained two of the parcels to develop into retail strip centers, ground leased one site to Chick Fil A and sold the last parcel to Summit Credit Union. As one of the last undeveloped sites along the Capitol Drive retail corridor in Pewaukee, the development attracted multiple national retailers to take advantage of the trade area demographics.
The first two buildings that were constructed on Lot 1 in 2019 were quickly leased to Starbucks, Shopko Optical, MOD Pizza, Orange Shoe Fitness, Jersey Mike's Subs, and Evie's Nails and Spa. A local buyer made an attractive offer to fulfill a 1031 exchange so the property was sold less than one year after being placed in service.
Property type
Neighborhood retail strip
Building size
12,135 SF
Strategy
Development
Tenants
Starbucks, MOD Pizza
Built
June 2019
Sold
March 2020
