IRVINE, CA Feb. 8, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a total of $9,575,000 in two retail property transactions in the Kenosha, WI area.
The first transaction was an $8,525,000 sale of two retail buildings at Prairie Ridge Commons (top left photo) located at 9740 - 9800 76th Street, in Pleasant Prairie.
The second transaction was the $1.05 million sale of a two-tenant retail building that houses a Starbucks and EZ Money Payday Loan store and is situated about a mile from Prairie Ridge Commons at 3910 75th Street in Kenosha.
The Prairie Ridge Commons transaction included 26,444 square feet on nearly six acres and is fully occupied by 12 tenants including Starbucks Coffee with a drive-thru, Panda Express, AT&T, and Aspen Dental.
Jeff Conover, senior managing director, with Faris Lee Investments represented both the buyer, Repak Pridge Partners LLC from Northbrook, IL, and the seller, Prairie Ridge Investors LLC from Del Mar, Calif. The closing cap rate was 8.23 percent.
“We aggressively priced this property for a tertiary trade area and focused on the strength of the market and a favorable cap rate not available in primary markets,” said Conover. “We were able to identify a buyer who saw the intrinsic value in the asset and garnered the highest price per square foot ($322) for a multi-tenant retail property sale over $5 million in the entire state of Wisconsin over the past 12 months.
Faris Lee sourced the Chicago-area investor from its premium Midwest private capital database.
“The Kenosha/Pleasant Prairie is a high growth area situated directly between Chicago and Milwaukee which is attracting national tenants and is considered part of the Chicago MSA by locals since its location is just over the Illinois state line,” added Conover.
Prairie Ridge Commons is the retail component to a $600 million mixed-use development that includes: Hawthorne Suites Hotel, St. Catherine’s Hospital Campus (lower left photo), 216 single family homes, and 900 units for a senior care facility.
Anchor tenants part of the retail center that were not included in the transaction include: Target, Dick’s Sporting Goods, JCPenney, and PetSmart.
Located 1-mile east of Interstate 94 and heading to downtown Kenosha, Prairie Ridge Commons has unobstructed visibility to the heavily traveled Highway 50/75th Street (28,300 cars per day), and boasts strong demographics with over $88,000 annual household income.
The second transaction was a 3,138-square-foot property situated on .44 acres fully occupied by Starbucks Coffee with a drive-thru and EZ Money Payday Loan. Jeff Conover of Faris Lee Investments represented the seller, Sunshine Investors from Del Mar, Calif. Mid-America Wisconsin represented the buyer N3 Retail, LLC from Southlake, Texas.
The closing cap rate was 9.37 percent. The transaction garnered the highest price per square foot of $335 over the last two years for a multi-tenant property under $2 million in Kenosha County.
The property is located at the signalized corner of the heavily traveled, 5-way intersection of Highway 50/75th Street, 39th Avenue, and Roosevelt Road cross streets, boasting over 43,000 cars per day.
Contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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