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Matthews Closes 1031 Retail Exchange in Wisconsin
Matthews Real Estate Investment Services represented a client in the acquisition of 1151 E. Midway Rd., Menasha, WI. The $5.15-million 1031 exchange transaction was brokered by associate Edward DeSimone, first VP Josh Bishop and market leader Maxx Bauman.
The Appleton-area property is occupied by supermarket chain Piggly Wiggly, and Dollar Tree, both of which have proven resilient during the pandemic. The buyer was motivated to acquire the facility to relocate its investment portfolio into a better market and achieve a longer-term lease.
The undisclosed buyer exchanged out of a four-property Dollar General portfolio for a 20% cash flow increase and 121% weighted average lease term increase and maintained a corporate guaranteed lease with the Menasha acquisition.
“This sale was an absolute homerun for our client,” said DeSimone. “We substantially increased our client’s position in almost every metric possible and are beyond excited at the outcome for our buyer.”
- ◦Sale/Acquisition
