Grafton Commons shopping center sold for $37 million
Menomonee Falls-based Continental Properties Co. Inc. has sold the Grafton Commons shopping center to Inland American Real Estate, a real estate investment trust (REIT) and part of Oak Brook, Ill.-based The Inland Real Estate Group of Companies Inc., for $37 million.
Mid-America Real Estate Group brokered the sale for Continental Properties.
Grafton Commons is a 237,565-square-foot shopping center located at the northwest corner of I-43 and Highway 60 in Grafton. It was developed by Continental Properties.
Built within the last few years, the shopping center has become one of the biggest retail hubs of Ozaukee County. The stores in the shopping center include Costco, Best Buy, Dick’s Sporting Goods, Kohl’s, Michael’s, PetSmart, Aldi and others.
Grafton Commons has “phenomenal tenants” and is at an “excellent location,” said Lou Quilici, senior vice president of Inland Real Estate Acquisitions Inc. The lease rates at the shopping center are reasonable, which will help the retail tenants remain in business there, he said.