The Pick ‘n Save store building at North 81st Street and Brown Deer Road in Milwaukee was sold to a group of real estate investors for $4.9 million, according to state records.
This is the fourth Pick ‘n Save store building or shopping center anchored by a Pick ‘n Save store that has been sold this summer.
Brown Deer Road Investors LLC purchased the 60,968-square-foot store located at 8120 W. Brown Deer Road from Grainville Investors LLC. The 12-year-old building is assessed by the city of Milwaukee for $4.5 million.
Grainville Investors LLC is registered to Timothy Carey, a principal of Madison-based Carey Group Real Estate Services LLC.
A shopping center anchored by a Pick ‘n Save store at 17295-17345 W. Capitol Drive in Brookfield was sold earlier this week to a local group of real estate investors for $6.9 million.
In August Chicago-based Newport Capital Partners purchased a shopping center anchored by a Pick ‘n Save store at 1717 N. Mayfair Road in Wauwatosa for $17.35 million and Chicago-based Lark Creek purchased the Pick ‘n Save store in Milwaukee’s Metcalfe Park neighborhood for $9.3 million.
Tom Treder, a partner with Commercial Property Associates, said since Roundy’s Inc. was acquired by Cincinnati-based The Kroger Co. in December, brokers have seen several Pick ‘n Save store properties go on the market, primarily because Kroger has a better credit rating so the seller is able to get a higher price.
“The grocery industry is a very attractive investment for a lot of buyers, in-state as well as out-of-state,” Treder said. “It offers long-term leases plus it has a daily-needs customer. There is a lot of competition in the grocery industry; however, Roundy’s still has a good name in this area with its Pick ‘n Save brand.”
