Boulder Group Closes $28M Milwaukee Retail Asset Sale
- Jun 05, 2020
A West coast-based real estate investment company has sold a single tenant net leased Pick ‘n Save retail asset in Menomonee Falls, Wisc., for $28.4 million. Public records show Oak Street Real Estate Capital was the owner of the 103,611-square-foot property until the time of the sale.
The Boulder Group President Randy Blankstein and Partner Jimmy Goodman worked on behalf of the seller. The duo recently brokered the $18.6 million sale of a 67,507-square-foot Jewel-Osco retail asset in Romeoville, Ill.
Located at N77 W14435 Appleton Ave. close to a dense residential area, the property is adjacent to Menomonee Falls High School, some 3 miles from Interstate 41 and roughly 18 miles from downtown Milwaukee, Wisc. The 2011-built asset is guaranteed by Kroger, with 11 years remaining on the primary term of the NN lease, rental escalations every five years and five-year renewal options. According to Goodman, the market for standalone grocery properties remains active because of their built-in customer base.