Stan Johnson Company has completed the sale of a retail property at 1216 S. 1st St. in Milwaukee. The 3,500-square-foot property is occupied by Sherwin-Williams on a long-term triple net lease.
Blaise Bennett of Stan Johnson Company represented the seller, a Wisconsin-based developer. The asset was acquired by a Texas-based private equity group, for approximately $2.4 million, reflecting a 5.15 percent cap rate, which sets a new record for the tenant in the Midwest.
The property was built in 2018 on 0.60 acres and is an outparcel to Freshwater Plaza, an award-winning mixed-use development in the highly desirable Walker’s Point/Harbor District area of Milwaukee.
