Pleasant Prairie Hwy. 50 site sold to REIT for $1.3 million

National Retail Properties Inc., an Orlando-based real estate investment trust (REIT), recently purchased a 2.5-acre site at the southeast corner of Highway 50 and 104th Avenue in Pleasant Prairie for $1.3 million, according to state records.

The property was sold by BMO Harris Bank under Water Street Land LLC.

The site is next to an Olive Garden restaurant and is an outlot of a shopping center anchored by Target and JCPenney stores.

National Retail Properties Inc. invests in single-tenant retail properties. The REIT owns 1,636 freestading retail properties, with a total of 19.3 million square feet of space, in 47 states.

A spokesman for the firm declined to explain the company’s plans for the site.

“We have a company policy that we don’t comment on transactions,” said vice president of corporate communications Chris Barry.

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