WAUSAU – Two central Wisconsin real estate giants announced Oct. 2 a change in ownership of the Third Street Lifestyle Center.
Hometown investors John and Patty Noel announced a sale of the Third Street Lifestyle Center, located at 300 N. Third St., to Lokre Development Company, according to an Oct. 2 news release.
The property will officially be renamed Washington Square following the sale to match community sentiment and the downtown neighborhood’s energy and history, according to a news release from Lokre.
“We’re excited to be part of this vibrant downtown − alongside the events, restaurants, shops, and unique local businesses that make Wausau so special,” Rolly Lokre, founder and owner of Lokre Development, said. “We’re just one part of the downtown community. As a whole, our mission is to continue to make the downtown area a sought-after place to live, work, and play for our local community and travelers alike.”
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The Noels were involved in the downtown Wausau business area for over 26 years before announcing the sale of the building, which contains retail, office and residential spaces. Property records indicate the building was purchased in 2000 for nearly $1.8 million.
While this transaction significantly reduces the Noels’ involvement in the area, they and their real estate company Compass Properties remain committed to the success of downtown Wausau, according to the release.
“Downtown Wausau has always been defined and inspired by the amazing people who work and live in this thriving Greater Wausau Area,” Mark Craig, Compass Properties general manager, said in the release. “Compass Properties and the Noels will truly miss the relationships that have been created over the past 26 years, but they are really excited about the new opportunities for downtown Wausau.”
As part of the transition, Craig will join Lokre Development in order to continue work in Wausau’s downtown, according to the release.
The acquisition will mean a return to Wausau for Lokre Development as the company owned buildings on the east side of North Third Street over 25 years ago, according to the release.
Lokre Development brings over four decades of experience of ownership and management of hundreds of properties across the Midwest and remains committed to its mission of “supporting people, strengthening businesses, and investing in communities,” according to the release.
The company has plans to enhance the building, which covers about a half an acre of downtown property, with improvements that will support downtown businesses and activate underutilized spaces for new residential development, according to the release.
Erik Pfantz covers local government and education in central Wisconsin for USA TODAY NETWORK-Wisconsin and values his background as a rural Wisconsinite. Contact him at epfantz@gannett.com.
This article originally appeared on Wausau Daily Herald: Third Street Lifestyle Center in Wausau to change owners and name