Third St. Lifestyle Center to become Washington Square

Longtime local investors John and Patty Noel are scaling back their extensive real estate portfolio, announcing the sale of properties known as the Third St. Lifestyle Center to Lokre Development Co., a move that marks a new chapter for a key downtown hub.

Lokre Development announced the acquisition of the retail, office and residential spaces on Oct. 1, 2025, and unveiled its new name: Washington Square. The title is a nod to the neighborhood’s historic energy and was a long-favored name in the community.

The properties, which the Noels and their Compass Properties have owned for more than 26 years, have been a core foundation for the flourishing downtown area. The Noels, known for their significant philanthropic support across the Wausau community and central Wisconsin, said the sale creates “new, and exciting, opportunities for the future of the downtown as a destination hub.”

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

Lokre Development Co., in business for more than 40 years, is making a partial return to the area, having owned buildings on the east side of Third St. more than 25 years ago. The company, which owns and manages hundreds of properties across the Midwest, emphasized that its focus remains on “supporting people, strengthening businesses, and investing in communities.”

Rolly Lokre, founder and owner of Lokre Development, said the company plans to enhance the new Washington Square through thoughtful improvements, including activating underutilized spaces for new residential development and supporting existing downtown businesses.

“We’re excited to be part of this vibrant downtown — alongside the events, restaurants, shops, and unique local businesses that make Wausau so special,” Lokre said. “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.”

To ensure a smooth transition, Craig will join the Lokre Co. team and will work directly with Rolly Lokre. Although the transaction significantly reduces their overall involvement, John and Patty Noel and Compass Properties say they remain committed to the success of downtown Wausau.