Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail property leased to Dollar Tree. The 14,265-square-foot building is located at 2585 Lineville Road in Howard, Wisconsin. Ronnie Givargis of Stan Johnson Company represented the seller, a New York-based private equity group. The asset was purchased by a private 1031 exchange investor based in Boca Raton, Florida. The property sold for $2.8 million reflecting a 5.10 percent cap rate.
“This was a record-breaking cap rate for Dollar Tree in Wisconsin,” said Givargis, Senior Director in Stan Johnson Company’s Newport Beach, California office. “Dollar Tree was in a neighboring shopping center half a mile from this site for many years and outgrew the space. This was a relocation deal to a freestanding building in a proven market.”
The property was originally built in 2004 and was renovated in 2021. It is situated on 1.4 acres at a signalized intersection just 15 minutes northwest of downtown Green Bay, Wisconsin. Neighboring tenants include Sherwin-Williams, Auto Zone, Goodwill, Piggly Wiggly and Anytime Fitness, among others.
