Pewaukee Pick ‘n Save building sold for $9 million

Cole Capital, the Phoenix, Ariz.-based private capital management business of American New York-based Realty Capital Properties Inc., recently purchased the 55,000-square-foot Pick ‘n Save store building at 1405 Capitol Dr. in Pewaukee for $9 million, according to state records.

The building was sold by Pewaukee-based Falls Plaza LLC. The registered agent for Falls Plaza is Theodore Balistreri, according to state records.

Last year Cole Capital purchased the 58,730-square-foot Pick ‘n Save building in South Milwaukee at 2931 S. Chicago Ave. for about $7.5 million.

Recently Cole Capital purchased the two Red Lobster restaurants in Milwaukee County, one located in Wauwatosa and the other in Greenfield, for a combined $9.5 million. The restaurants were acquired as part of a $1.5 billion sale-leaseback deal announced in July in which American Realty Capital Properties acquired approximately 500 Red Lobster restaurants from Orlando-based Darden Restaurants Inc.

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