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IPA Arranges $44M Sale of Kenosha Shopping Centers
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of Southport Plaza and Indian Trail Plaza, two adjacent regional shopping centers comprising 407,367 square feet in Kenosha, WI. The assets sold for $43.5 million to a Florida-based high-net-worth private buyer.
The IPA team marketed the property on behalf of the seller, a Chicago-based private equity firm. Craig Fuller, Scott Wiles and Erin Patton, IPA senior managing directors, led the sales team along with Jared Shapiro, associate. Todd Lindblom, vice president and regional manager, is IPA’s broker of record in Wisconsin.
“Our team identified the buyer during the first week of marketing and ultimately awarded that investor the deal after a highly competitive open bidding process that involved several qualified purchasers and multiple rounds of offers,” said Fuller.
The buyer, also represented by Fuller, Wiles, Patton and Shapiro, secured new permanent bank financing at 76% loan-to-value.
- ◦Sale/Acquisition

