The Cabela's store building in Richfield has been sold to a Colorado investment firm for $36.9 million, according to state records.
The store is located at 1 Cabela Way, and opened about 15 years ago.
The property was sold to an affiliate of Louisville, Colorado-based
Real Capital Solutions. The seller is an affiliate of New York-based
Fortress Investment Group LLC.
RCS did not immediately respond to a request for comment.
The property that RCS acquired includes the Cabela's building and the site of roughly 33 acres. The property is assessed at $18 million, with an estimated fair market value of $20.3 million, according to village records.
The store was built in 2006. The retail building totals about 165,000 square feet. This includes an 18,085-square-foot museum area.
It was last sold in 2019 for $29.04 million.
The building got a roughly $11,000 sign upgrade in early 2020 and underwent a $30,000 remodel, which was completed late last year.
Jim Healy, Richfield village administrator, said Cabela's is the village's largest property taxpayer. Its total property tax for 2020 was about $280,500, with $37,000 of that going to the village.
"The Cabela’s store in Richfield is one of the top retail establishments in Washington County and has become a destination venue for people in southeastern Wisconsin who are outdoor enthusiasts," he said.
According to its website, RCS seeks single-tenant, net-leased properties of all types. It has a preference for long-term, investment-grade tenants with annual rent growth. It also seeks value-add and opportunistic real estate nationwide.
It has been in operation for more than 3 years. In that time, it has purchased and managed more than 325 properties, totaling $2.5 billion in acquisition value.
