Inland Private Capital Corporation negotiated the sale of a 70,433-square-foot grocery retail property in Mt. Pleasant, Wisconsin.
The property sold for $17.84 million, an approximately 11 percent premium over investors’ acquisition price. IPC, through its subsidiary that serves as asset manager, facilitated the sale of the property on behalf of Mt. Pleasant Retail Venture DST, one of IPC’s 1031 investment programs.
Located at 2820 S. Green Bay Road, the property is 100 percent leased to Kroger Co. and operates under the Pick ‘n Save retail banner. As a result of the store’s 2015 acquisition by Kroger, the Pick ‘n Save location experienced an approximately 14 percent increase in store sales from 2018 to 2019.
The Pick ‘n Save property was one of three contiguous parcels offered in the Mt. Pleasant Retail Venture DST program. The other two parcels, which are 100 percent occupied by six tenants, were not part of the sale.
The sale resulted in a return of capital to investors of about 67 percent of their original investment. Investors in the program have the option to utilize their sales proceeds to complete a subsequent tax deferred exchange.
