The Boulder Group completed the sale of a single-tenant net-leased Pick ‘n Save property at N77 W14435 Appleton Ave. in Menomonee Falls, Wisconsin, for $28.428 million. The lease is guaranteed by Kroger, an investment-grade rated tenant.
The 103,611-square-foot Pick ‘n Save property is located along Appleton Avenue, the primary north-south thoroughfare in the area, which is located close to Milwaukee. The Pick ‘n Save property is well located within the Milwaukee MSA directly across from Menomonee Falls High School, which drives continual traffic to the corridor.
The store is guaranteed by Kroger. Additionally, the store reports strong annual sales. There are about 11 years remaining in the primary term of the lease with rental escalations every five years. There are four 5-year renewal options and the lease is NN (roof and structure). The property was built in 2011.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest-based real estate company and the buyer is a West Coast-based real estate investment company.
