Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail property located at 1216 South 1st Street in Milwaukee, Wisconsin. The 3,500-square-foot property is occupied by Sherwin-Williams on a long-term triple net lease. Blaise Bennett of Stan Johnson Company represented the seller, a Wisconsin-based developer. The asset was acquired by a Texas-based private equity group, for approximately $2.4 million, reflecting a 5.15 percent cap rate, which sets a new record for the tenant in the Midwest.
“We saw an incredible amount of interest in the property, primarily due to its urban infill location, strong tenant credit profile and proximity to the neighboring grocery-anchored shopping center,” said Bennett, Associate Director in Stan Johnson Company’s Chicago, Illinois office.
The property was built in 2018 on 0.60 acres and is an outparcel to Freshwater Plaza, an award-winning mixed-use development in the highly desirable Walker’s Point/Harbor District area of Milwaukee.
