Hanley Investment Group Real Estate Advisors brokered the sale of Green Bay Plaza, a 232,796-square-foot shopping center anchored by T.J. Maxx, HomeGoods, and Ross Dress for Less in Green Bay, Wisconsin, for $25,350,000.
Executive Vice Presidents Kevin Fryman and Bill Asher, along with Executive Vice President and Partner Jeff Lefko, in association with ParaSell, Inc., represented the seller, Anenberg Asset Management, a family office focused on direct and co-general partnership real estate investments based in Newport Beach, California. The buyer, Core Acquisitions of Chicago, represented itself. Core Acquisitions is a commercial real estate investment, development and asset management company.
Built in 1960 and expanded in 2003, Green Bay Plaza is 89% occupied and features a dominant lineup of national and regional tenants, including investment-grade retailers such as T.J. Maxx, HomeGoods, Ross Dress for Less, Burlington, Dollar Tree, and Sierra. Other tenants include Five Below, Crunch Fitness, and Skechers Outlet. The center ranks among the top 9% most trafficked shopping centers in Wisconsin, drawing 2.5 million annual visitors, according to Placer.ai.
Located two miles from Lambeau Field, home of the Green Bay Packers, the property sits on 17.16 acres at a high-traffic intersection at Military Avenue and Mason Street, which sees 40,000 cars per day, and is easily accessible from Interstate 41. It is surrounded by national retailers such as Michaels, Petco, Planet Fitness, and Starbucks.
According to Fryman, Green Bay’s retail vacancy rate is a low 2.8%, and the city was recently ranked No. 12 on the list of Best Places to Live in the U.S.
