Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant, 13,905-square-foot drugstore leased to Walgreens. The property is located at 15650 West Greenfield Avenue in Brookfield, Wisconsin. Mark Lovering and BJ Feller of Stan Johnson Company exclusively represented the seller, a developer from Waukesha, Wisconsin. The Chicago, Illinois-based buyer purchased the asset for approximately $6.0 million. The cap rate was undisclosed.
“We were pleased to identify a repeat exchange buyer for our seller,” said Lovering, Associate in Stan Johnson Company’s Chicago, Illinois office. “Our pre-existing relationship with the investor allowed for a smooth close, despite some COVID-19-related travel limitations. Ultimately, they were excited to add a well-located Walgreens to their portfolio.”
Located just 11 miles from downtown Milwaukee, Wisconsin, the asset is strategically located in a high-traffic corridor along with many other national retailers including Starbucks, Panera Bread, and a newly constructed Walmart Supercenter. Walgreens has occupied this location for more than 20 years and recently extended their commitment for another eight years. The freestanding retail pharmacy operates on a double net lease, sits on 2.42 acres and includes a drive-thru.