Walmart property in West Bend sold to San Diego firm for $17 million

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A 21-acre property that includes a Walmart store in West Bend was sold to a San Diego-based real estate investment firm for $17 million, according to state records.

The Property Buying Company states that this commercial property is located at 1515 W. Paradise Drive was purchased by an affiliate of Realty Income Corp. from Continental 76 Fund LLC, an affiliate of Menomonee Falls-based Continental Properties.

According to city records, the property includes the single 205,600-square-foot Walmart building, which was constructed in 1998 and underwent a roughly $1.4 million remodel in 2016. The property is assessed at nearly $12.59 million.

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A spokesperson with Realty Income declined to comment, stating the firm does not comment on individual transactions.

The company’s website states it purchases commercial real estate based on tenants under long-term net lease agreements, generally between 10 to 20 years. It owns over 5,800 properties throughout 49 states, Puerto Rico and the United Kingdom. The properties are “generally freestanding buildings … in prime locations with good access and visibility.” Most of its commercial tenants operate retail stores providing goods and services at low price points, including convenience stores, dollar stores and drug stores.

Realty Income has made other investments in the Milwaukee area in recent months. Last July, an affiliate of the company acquired nine BMO Harris Bank branch properties for $11.3 million in a sale-leaseback deal with the bank.

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