Investor buys Pick ‘n Save building in Menomonee Falls for $28.4 million

Assessed at $7.42 million

Pick 'n Save on Appleton Avenue, Menomonee Falls.
Pick 'n Save on Appleton Avenue, Menomonee Falls.

A California-based real estate investment firm has acquired the Pick ‘n Save Marketplace building in Menomonee Falls for nearly $28.43 million, according to state records.

The building is located on 11.3 acres at N77 W14435 Appleton Ave. According to Waukesha County records, the property has an assessed value of $7.42 million.

The buyer is ExchangeRight Net Lease Portfolio 36 DST, registered to Pasadena, California-based ExchangeRight. The firm purchased the property from the investors group KRWI001 LLC, an affiliate of Chicago-based Oak Street Real Estate Capital LLC.

ExchangeRight did not immediately respond to a request for comment.

According to its website, ExchangeRight invests in properties with long-term leases, leases backed by investment grade corporate credit, properties with tenants that operate in “necessity retail and healthcare industries” and geographically diverse locations with strong demographics and infill population centers, among other criteria.

Appleton Avenue is a main commercial corridor in the village, and retail buildings along it have garnered attention from investors recently. About two miles north of the Pick ‘n Save building, the Fresh Thyme Farmers Market space was sold last week to an investor for $5.45 million. The Fresh Thyme is part of the the redeveloped Colonial Plaza shopping center.

Two buildings formerly part of the Falls Plaza shopping center have recently been given a  facelift by St. Paul, Minnesota-based SONA Investments. The firm announced earlier this year the buildings, now called The Shops on Appleton, landed their first tenant since updates were made.

New retail buildings along Appleton Avenue, near where it meets Pilgrim Road, include a Burger King, Dunkin Donuts and an in-progress Waukesha State Bank branch.

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Alex Zank, former BizTimes Milwaukee reporter.

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