Third Street Lifestyle Center in Wausau to alter house owners and title

---

The property will formally be named Washington Square following the sale to match neighborhood sentiment and the downtown neighborhood’s vitality and historical past.

WAUSAU – Two central Wisconsin actual property giants introduced Oct. 2 a change in possession of the Third Street Lifestyle Center.

Hometown traders John and Patty Noel introduced a sale of the Third Street Lifestyle Center, situated at 300 N. Third St., to Lokre Development Company, in keeping with an Oct. 2 information launch.

The property will formally be renamed Washington Square following the sale to match neighborhood sentiment and the downtown neighborhood’s vitality and historical past, in keeping with a information launch 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 proprietor of Lokre Development, stated. “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.”

Stay knowledgeable: Sign up for local newsletters and notifications here

The Noels have been concerned within the downtown Wausau enterprise space for over 26 years earlier than saying the sale of the constructing, which accommodates retail, workplace and residential areas. Property information point out the constructing was bought in 2000 for almost $1.8 million.

While this transaction considerably reduces the Noels’ involvement within the space, they and their actual property firm Compass Properties stay dedicated to the success of downtown Wausau, in keeping with the discharge.

“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 normal supervisor, stated within the launch. “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 a part of the transition, Craig will be a part of Lokre Development with the intention to proceed work in Wausau’s downtown, in keeping with the discharge.

The acquisition will imply a return to Wausau for Lokre Development as the corporate owned buildings on the east aspect of North Third Street over 25 years in the past, in keeping with the discharge.

Lokre Development brings over 4 a long time of expertise of possession and administration of a whole bunch of properties throughout the Midwest and stays dedicated to its mission of “supporting people, strengthening businesses, and investing in communities,” in keeping with the discharge.

The firm has plans to boost the constructing, which covers a couple of half an acre of downtown property, with enhancements that can assist downtown companies and activate underutilized areas for brand spanking new residential improvement, in keeping with the discharge.

Erik Pfantz covers native authorities and schooling in central Wisconsin for USA TODAY NETWORK-Wisconsin and values his background as a rural Wisconsinite. Contact him at epfantz@gannett.com.