A Minneapolis private real estate investment trust recently made its first acquisition in the Milwaukee market.
Minneapolis’ SR Realty Trust, Inc. acquired a Fleet Farm store at 1555 Pabst Farms Circle in Oconomowoc, Wisconsin, on Jan. 10. The 218,000-square-foot, 100 percent leased single-tenant retail building was built in 2018. The property is located on a 19.5-acre site and features Fleet Farms’ new prototype retail store as well as a convenience store on an outlot.
As part of the transaction, SR Realty Trust, Inc. facilitated the down-leg of 1031 exchanges for three investors.
Evan Richardson, senior vice president, said, “SR Realty Trust is excited to acquire its first asset in Wisconsin. Milwaukee is the seventh market we’ve entered throughout five states across the Upper Midwest. This Fleet Farm store purchase reinforces our commitment to invest in long-term stable real estate.”