Stan Johnson Company has completed the sale of a multi-tenant strip center at 160 West Town Square Way in Oak Creek, Wisconsin.
The Shoppes at Drexel totals 10,351 square feet and is fully leased to five tenants. Stan Johnson Company’s Ronnie Givargis represented the seller, a New York-based individual investor.
The property was acquired for $5.9 million by an investor group out of Cedar Rapids, Iowa. Both parties were involved in 1031 exchanges.
The strip center was built in 2017 and is situated on 1.45 acres in a southern suburb of Milwaukee. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly.
The property is an outparcel to Drexel Town Square, a mixed-use development made up of 85 acres of retail, medical, residential and government operations. The site benefits from a dense surrounding population of more than 140,000 residents earning an average annual household income exceeding $83,000 within a five-mile radius.
