Long Time Supporters of Wausau and Downtown Business Area Selling Large Portion of Real Estate Holdings

Friday, October 3rd, 2025 -- 8:00 AM

John and Patty Noel, who are long-time supporters of the Wausau community and downtown business areas, are selling a large portion of their local real estate holdings.

After being involved in the Downtown Wausau business area for over 26 years, hometown investors, John and Patty Noel, are officially announcing the sale of the real estate generally known as “The Third Street Lifestyle Center”.

During their ownership, the Noel’s established a vision for Downtown Wausau along with generously supporting the community and central Wisconsin area through significant philanthropic efforts.

The sale of The Third Street Lifestyle Center will include retail, office and residential spaces that have become a foundation for the flourishing area. The disposition creates new, and exciting, opportunities for the future of the downtown as a destination hub.

The sale to Lokre Development Company creates an on-going strong local connection to ownership and operation.   Lokre Development has been in business for over 40 years, with experience owning and managing hundreds of properties and serving thousands of tenants across the Midwest.

From the beginning, their focus has been about more than buildings—"it’s about supporting people, strengthening businesses, and investing in communities”. Although the transaction greatly reduces overall involvement, John, Patty and Compass Properties remain committed to the success of Downtown Wausau.

Mark Craig, the General Manager of Compass Properties - Northern Region said: “Downtown Wausau has always been defined and inspired by the amazing people who work and live in this thriving Greater Wausau Area. 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”.

To ensure a smooth transition, Mark Craig will be joining the Lokre Company team and will be working directly with Rolly Lokre on this new chapter for downtown Wausau.

Feel free to contact us with questions and/or comments.