Suburban Madison industrial center sold for $8.74M
JLL Capital Markets closed the sale of the net-leased property and arranged a $5.24M acquisition loan for the new owner
CHICAGO, November 30, 2020 – JLL Capital Markets announced today that it has closed the $8.74 million sale of and secured $5.24 million in acquisition financing for a 225,000-square-foot, single-tenant warehouse and distribution center triple net leased to Roundy’s Supermarket in the suburban Madison community of Mazomanie, Wisconsin.
JLL marketed the property on behalf of the seller, Dallas-based Ramrock Real Estate, LLC. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate, non-recourse loan with a CMBS lender.
Roundy’s Supermarkets, a wholly owned subsidiary of Kroger that operates more than 150 grocery stores throughout Wisconsin and Illinois, has used this facility to store dry goods for its stores since 1989. The center features 32-foot clear heights and 24 dock-high doors. Situated on 31.68 acres at 400 Walter Rd., the building is in a centralized location that places more than 130 Roundy’s stores within a 150-mile radius. The building is 40 minutes from Madison, two hours from Milwaukee and three hours from Chicago.
The JLL Capital Markets team representing the seller was led by Managing Director Alex Sharrin and Director Alex Geanakos along with Executive Vice President Larry Kilduff and Senior Director Michael George. The JLL Capital Markets team representing the buyer in sourcing the acquisition loan included Director Maxx Carney and Analyst Alejandro Ramirez.
“Single-tenant net-leased industrial is one of the most sought-after property types in today’s market,” Sharrin said. “That, coupled with long-term investment-grade tenancy from Kroger, offers a flight to quality that investors seek in the current environment.”
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.