Marcus & Millichap closed the sale of a 37,219-square-foot retail property in Hales Corners, Wisconsin. The asset sold for $6 million.
Adrian Mendoza, first vice president, and Austin Weisenbeck and Sean Sharko, senior vice presidents and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer.
The team procured numerous competitive offers from private investors and went from contract to close within 49 days. The property was sold to a 1031 Exchange buyer at full asking price with zero re-trades on price and terms. The buyer, a private investor, was secured by Mendoza, Weisenbeck and Sharko. Todd Lindblom, Wisconsin Broker of Record, assisted in closing this transaction.
The 100 percent occupied multi-tenant shopping center anchored by Dollar Tree and Health Hut is located at 5602 S. 108th St. in Hales Corners. The retail center is shadow anchored by Festival Foods, a dominant regional grocer in Wisconsin with 38 locations. It has value-add opportunity and replaceable rents on multiple tenants.
