Milwaukee-area retail center trades for $19M
JLL Capital Markets closed the sale of the grocery-anchored asset in Wauwatosa
CHICAGO, July 20 2021 – JLL Capital Markets announced today that it has closed the $19 million sale of Pick ‘N Save Center, a 69,749-square-foot, fully leased shopping center anchored by Pick ‘N Save in the Milwaukee community of Wauwatosa, Wisconsin.
JLL marketed the property on behalf of the seller, a partnership between Newport Capital Partners and Artemis. JRW Realty facilitated the all-cash acquisition of the net-leased property on behalf of ExchangeRight, a vertically integrated real estate company with over $3.8 billion in assets under management.
Completed in 2008 and 2012, Pick ‘N Save Center is anchored by Pick ‘N Save, the No. 1 grocery by market share in Wisconsin and a subsidiary of Kroger. The center comprises three single-story retail buildings that are also home to Mattress Firm, Firehouse Subs and Bubon Orthodontics.
Situated on 5.24 acres at the southwest corner of Interstate 41/45 and Mayfair Road, the center is in Wauwatosa, which is part of the Milwaukee metropolitan area. Pick ‘N Save Center pulls from an extended trade area where 46 percent of customers travel more than three miles to visit the property.
According to JLL Research, conditions in smaller shopping centers less than 100,000 square feet, like Pick ‘N Save Center, improved noticeably in the first quarter of 2021.
The JLL Retail Capital Markets team that represented the seller was led by Managing Directors Clinton Mitchell and Amy Sands and Director Michael Nieder, along with Senior Managing Director Jaime Fink.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Newport Capital Partners
Newport Capital Partners (“Newport”) is a leading vertically integrated real estate investment management firm that specializes in the acquisition and management of neighborhood and community retail shopping centers. Formed in 2004, Newport has offices in Chicago, Illinois, and Dallas, Texas. The firm is a Registered Investment Adviser and a certified Service-Disabled Veteran Owned Business. As a trusted fiduciary, Newport has sponsored and managed various investment vehicles including commingled funds, separate accounts, and takeover mandates on behalf of institutional investors, financial institutions and family offices.
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, D.C., with offices in New York City, Los Angeles and Atlanta. Artemis has raised approximately $5.8 billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, industrial, office, retail, hospitality, senior housing and medical office. Artemis specializes in joint venture partnerships and direct investments. More information can be found at artemisrep.com.
ExchangeRight pursues its passion to empower people to be secure, free, and generous by providing REIT, fund, and 1031 DST portfolios that target secure capital, stable income, and strategic exits. The company strategically acquires and manages long-term, net-leased assets backed primarily by investment-grade corporations that successfully operate essential businesses in the necessity-based retail and healthcare industries. Please visit exchangeright.com for more information.