MILWAUKEE—HSA Commercial Real Estate has just taken another step in its effort to transform an industrial portion of suburban Wauwatosa into an upscale collection of retail outlets and luxury apartments. It recently formed a joint real estate fund with Chicago-based commercial mortgage lending specialist Innovative Capital Advisors and purchased the Schwaab Stamp Factory building located at the southwest corner of Burleigh St. and 114th St. across from The Mayfair Collection, the shopping center that it opened last April. The company plans to repurpose and expand the Schwaab building into a 32,000-square-foot multi-tenant retail center that will complement Mayfair.

The Schwaab building is located at 11415 W. Burleigh St. immediately south of Mayfair. The Chicago-based HSA created Mayfair's first phase by repurposing obsolete warehouse buildings along Highway 45. Nordstrom Rack and Saks Fifth Avenue OFF 5TH now anchor the 270,000-square-foot center. Whole Foods Market will occupy a converted warehouse at the northeast corner of Burleigh St. and 112th St. and anchor the project's second phase.

The project is about more than retail. As reported in GlobeSt.com, last week HSA Commercial forged an agreement with Fiduciary Real Estate Development to develop up to 1,050 luxury residences over seven to ten years on 22 acres of land next to Mayfair. Company officials say its part of a long-term plan to create a mixed-use community called “The District.”