Milwaukee-area grocery-anchored retail center sells for $15.15M
JLL Capital Markets arranged the sale of the shopping center anchored by a Pick N’ Save, the largest grocery chain in the state
CHICAGO, May 19, 2022 – JLL Capital Markets announced today that it has closed the $15.15 million sale of Whitnall Square, a 133,421-square-foot shopping center anchored by Pick ‘N Save in the Milwaukee-area community of Saint Francis, Wisconsin.
Constructed between 1989 and 1991, Whitnall Square is anchored by a high-performing Pick ‘N Save, the largest supermarket chain in Wisconsin, which recently demonstrated its commitment to the property by extending its lease through 2034. The 96-percent-leased center is also home to Petco, Plant Fitness, Harbor Freight Tools, Metro PCS, Dollar Tree, Subway, H&R Block, Bangkok House Restaurant, Hariport, Papa Murphy’s Pizza and P.T. Nails. Additionally, the 14.17-acre site has room for a future outparcel development.
Whitnall Square is at 4698 S. Whitnall Ave. in Saint Francis, which is seven miles southeast of downtown Milwaukee and proximate to Interstate 794, facilitating easy access to the center. The center pulls from a dense, infill trade area with a population of 211,000 and an average annual household income of $65,000 within a five-mile radius.
The JLL Retail Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell 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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. 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 is a leading vertically integrated real estate investment management firm that specializes in the acquisition, value-add execution 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 over multiple market cycles including commingled funds, separate accounts, and takeover mandates on behalf of institutional investors, financial institutions and family offices.
Whitnall Square was a strategic disposition out of Newport Capital Partners Fund II. Newport is currently in the capital formation and investment stage of Fund III, targeting investments in neighborhood retail throughout the Midwest, Southeast, Texas and other markets.
About Savitar Realty Advisors/Savitar Properties, Inc.
Savitar Realty Advisors/Savitar Properties, Inc. provides a broad spectrum of real estate services from investment management, facilities management, tenant representation, leasing services, general brokerage, and property tax consulting services. Savitar, along with a cadre of select investors and high net worth individuals, also actively invests in primarily value-add or turnaround properties spanning multiple asset classes in diverse geographic areas. Savitar also develops residential and retail properties. Savitar currently owns approximately four million square feet of commercial properties in seven states valued at more than $400 million.