A Pick 'n Save building in Mount Pleasant has been sold to an investor for $17.84 million.
Oak Brook, Illinois-based
Inland Private Capital Corp. on Monday announced it had sold the roughly 70,400-square-foot building located at 2820 S. Green Bay Road. The building is 100% leased to Pick 'n Save operator Kroger Co. The buyer, according to state records, is an affiliate of Bloomfield Hills, Michigan-based
Agree Realty Corp.
It was sold for approximately 11% more than investors paid for the building, according to
the news release from Inland Private Capital. The Pick 'n Save location saw a roughly 14% uptick in store sales from 2018 to 2019.
The building is part of a three-parcel shopping center. The other two parcels, which are fully occupied by six tenants, were not part of the transaction. Inland Private Capital said it used some of the money from the Pick 'n Save sale to pay off the debt on the other retail properties.
"In today’s current retail environment, (Inland Private Capital) took the creative tactic in subdividing the shopping center and marketing the grocery component as a stand-alone, triple net lease investment opportunity," Rahul Sehgal, chief investment officer of Inland Private Capital, said in the release. "We believe this strategy achieved max-pricing, by marketing a highly sought after, freestanding grocery asset in the seller’s market, while simultaneously reducing investor exposure to the retail sector."
Agree Realty has acquired at least one other property southeastern Wisconsin in recent years. Last summer, it
acquired a multi-tenant retail building at Whitestone Station in Menomonee Falls for $17.4 million.
