Stan Johnson Company Completes Sale of Freestanding Walgreens in Brookfield, Wisconsin for $6.0 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant, 13,905-square-foot drugstore leased to Walgreens. The property is located at 15650 West Greenfield Avenue in Brookfield, Wisconsin. Mark Lovering and BJ Feller of Stan Johnson Company exclusively represented the seller, a developer from Waukesha, Wisconsin. The Chicago, Illinois-based buyer purchased the asset for approximately $6.0 million. The cap rate was undisclosed.
“We were pleased to identify a repeat exchange buyer for our seller,” said Lovering, Associate in Stan Johnson Company’s Chicago, Illinois office. “Our pre-existing relationship with the investor allowed for a smooth close, despite some COVID-19-related travel limitations. Ultimately, they were excited to add a well-located Walgreens to their portfolio.”
Located just 11 miles from downtown Milwaukee, Wisconsin, the asset is strategically located in a high-traffic corridor along with many other national retailers including Starbucks, Panera Bread, and a newly constructed Walmart Supercenter. Walgreens has occupied this location for more than 20 years and recently extended their commitment for another eight years. The freestanding retail pharmacy operates on a double net lease, sits on 2.42 acres and includes a drive-thru.
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.