Stan Johnson Company Arranges $36.4 Million Sale of a Fleet Farm Retail Property in Oconomowoc, Wisconsin
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a big-box retail property fully leased to Fleet Farm. The 218,628-square-foot store, accompanied by a 4,905-square-foot convenience store, is located 30 miles west of downtown Milwaukee at 1555 Pabst Farms Circle in Oconomowoc, Wisconsin. Tom Fritz, Brandon Duff, and Christina Pecoraro of Stan Johnson Company represented the seller, a developer from the Appleton/Green Bay, Wisconsin area. The property was purchased for $36.4 million by Minneapolis, Minnesota-based SR Realty Trust Inc.
“This was one of the first of Fleet Farm’s newer prototypical stores to have sold in the open market,” said Fritz, Senior Director in Stan Johnson Company’s Chicago office. “In today’s marketplace, it’s rare to see 200,000-plus-square-foot retail big box stores sell due to increasing online competition and retailers downsizing into smaller footprints. However, the amount of interest in this asset speaks to the strength of the Fleet Farm business model, and reinforces that retail is still a very necessary part of the future of real estate.”
The property was constructed in 2018 and is situated on nearly 20 acres along Interstate 94. The store sits within Pabst Farms, a 1,500-acre mixed-use development with phased construction. Upon completion, the community will offer residential, retail, office, and healthcare space with 360 acres of parks and greenspace.
“We had more than 10 offers on the asset and ultimately selected SR Realty Trust due to their track record and understanding of the Fleet Farm business model,” Fritz added. “The developer did an excellent job of delivering this new prototype and the property looks great.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $35 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.