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Boulder Group Closes Deal for Milwaukee-Area Grocery
The Boulder Group completed the sale of a single-tenant net leased Pick ‘n Save property in the Milwaukee suburb of Menomonee Falls, WI for $28,428,000. The lease is guaranteed by Kroger, an investment-grade tenant.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based real estate company, and the buyer is a West Coast-based real estate investment company.
The 103,611-square-foot Pick ‘n Save property is located along Appleton Avenue, which is the primary north-south thoroughfare in the area.
There is approximately 11 years remaining in the primary term of the lease, with rental escalations every five years. The property was built in 2011.
“The market for stand-alone grocery properties remains active due to their built-in customer base,” said Blankstein, president of The Boulder Group. Added Goodman, “Investors pay a premium for grocery stores with a strong sales history.”
For comments, questions or concerns, please contact Paul Bubny
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