Stan Johnson Company Announces $5.9 Million Sale of Shoppes at Drexel Near Milwaukee, Wisconsin

MT-Givargis-May22

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant strip center located at 160 West Town Square Way in Oak Creek, Wisconsin. The Shoppes at Drexel totals 10,351 square feet and is fully leased to five tenants. Stan Johnson Company’s Ronnie Givargis represented the seller, a New York-based individual investor. The property was acquired for $5.9 million by an investor group out of Cedar Rapids, Iowa. Both parties were involved in 1031 exchanges

“At 5.94 percent, this was one of the lowest cap rates for a strip center in Wisconsin,” said Givargis, Senior Director in Stan Johnson Company’s Newport Beach, California office. “Through our targeted marketing efforts, we generated multiple offers and ultimately selected a buyer familiar with the local area.” 

The strip center was built in 2017 and is situated on 1.45 acres in a southern suburb of Milwaukee. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly. The property is an outparcel to Drexel Town Square, the city’s premier mixed-use development comprised of 85 acres of retail, medical, residential and government operations. The site benefits from a dense surrounding population of more than 140,000 residents earning an average annual household income exceeding $83,000 within a five-mile radius. 

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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 and its affiliates provide 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 $45 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.