Stan Johnson Company Announces Sale of BMO Harris Bank Branch in Kenosha, Wisconsin

BMOHarris-Kenosha-WI

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a BMO Harris Bank located at 7535 Pershing Boulevard in Kenosha, Wisconsin. The 4,755-square-foot retail bank branch sold for approximately $2.2 million reflecting a 4.75 percent cap rate. Asher Wenig of Stan Johnson Company represented the seller, a private investor based in New York. The property was acquired by a California-based individual investor, and both parties executed 1031 exchanges.

“The lease features a 1.0 percent + CPI annual increase structure, making this asset a highly sought-after investment opportunity, and it’s why it traded at a good 100 basis points below the average BMO Harris net lease bank,” said Wenig, Senior Director and Partner in Stan Johnson Company’s New York office. “It’s a changing retail bank market, but strong locations with drive-thru windows along heavily trafficked thoroughfares continue to garner top dollar in the net lease space.”

The property was originally built in 1969 on a 1.0-acre corner lot. The property features outstanding ingress and egress, with three drive-thru lanes and a stand-alone ATM. At the time of sale, there were more than 12.5 years of lease term remaining.

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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.