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| Windsor Pointe shopping center, Kenosha, WI |
IRVINE, CA,
June 9, 2015 – Faris Lee Investments, a leading retail advisory and investment
sales firm, has completed the $4.6 million sale of Windsor Pointe, a 13,965-square-foot, fully occupied multi-tenant
retail center in Kenosha, WI.
The property
is within I-94/Highway 50 Regional Town Center which includes Best Buy,
Woodman’s Markets, Gander Mountain and other regional and national tenants.
Jeff Conover, senior managing director with Faris
Lee Investments, represented the seller, San Diego-based Windsor Pointe
Investors. The buyer, Connecticut-based REI Advisors represented itself in the
transaction. The closing cap rate was 7.86 percent.
“Faris Lee
marketed this property as a secure and stable investment with seasoned tenants
in a high-growth trade area with double digit cash-on-cash returns,” said
Conover. “The asset was sold to a private, East Coast investor at
$329-per-square-foot.”
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| Jeff Conover |
This sale
marks the seventh retail property sale in Kenosha that Conover has completed
over the past 24 months.
Built in
2004 and situated on 2.26 acres at 7201 120th Ave., the property is within the
area’s dominant shopping center and is adjacent to the new I-94/Highway 50
split diamond interchange providing easy access and unobstructed exposure to
more than 109,000 vehicles per day.
Kenosha is
Wisconsin’s fourth largest city with an annual population increase of 6.8
percent over the past 13 years. The area is heavily tied to the Milwaukee and
Chicago markets and is situated almost directly in between the two cities.
For a complete copy of the company’s
news release, please contact:
Darcie
Giacchetto
Spaulding
Thompson & Associates
949.278.6224
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