Chicago-based Lark Creek purchased the Pick ‘n Save store property in Milwaukee’s Metcalfe Park neighborhood for $9.3 million.
The 67,866-square-foot building, located at 2355 N. 35th St., is 100 percent leased to Roundy’s Supermarkets Inc., the parent company of Pick ‘n Save.
Lark Creek purchased the building from Milo Investments LLC C/O Roundy’s Supermarkets Inc. The property is assessed by the city of Milwaukee for $6.26 million.
The purchase is an investment property for Lark Creek and was attractive because its location has a population density of more than 530,000 residents within five miles, and easy access to interstates 43 and 94.
The building’s value was boosted in December 2015 when Cincinnati-based The Kroger Co. acquired Roundy’s, said a spokesman for Lark Creek.
“After Kroger purchased Roundy’s, investors came out of the woodwork due to the upgrade in credit,” said Camille Renshaw, senior director of New York-based Stan Johnson Company, the broker for the deal. “This is a solid Pick ‘n Save store and a great example of the value of this tenant right now.”
