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.”
