Philadelphia — Five Below is set to open stores at seven Simon-owned properties. Scheduled to open this year, the stores will include locations at Albertville Premium Outlets in Albertville, Minnesota; Pleasant Prairie Premium Outlets in Prairie, Wisconsin; Johnson Creek Premium Outlets in Johnson Creek, Wisconsin; Gaffney Outlet Marketplace in Gaffney, South Carolina; Indiana Premium Outlets in Edinburgh, Indiana; Pismo Beach Premium Outlets in Pismo Beach, California; and Pocono Premium Outlets in Tannersville, Pennsylvania. “Our relationship with Simon is core to continuing our national expansion efforts,” says George Hill, chief retail …
Bellwether Enterprise Arranges $6.2 Million Acquisition Loan for Retail Center in Suburban Milwaukee
Brookfield, Wis. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center located in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the center was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements …
Iowa, Montana, North Dakota, Nebraska and Wisconsin — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.
Sturgeon Bay, Wis. — Marcus & Millichap has arranged the $1.1 million sale-leaseback of a 1,650-square-foot property in Sturgeon Bay, a city in eastern Wisconsin. The single-tenant building is occupied by Jimmy John’s on a net-lease basis. Originally built in 1995, the property was reconfigured for Jimmy John’s in 2017. Damien Yoder and Madison Harman of Marcus & Millichap represented the seller, a private investor. Tom Gommels of Marcus & Millichap secured and represented the buyer, also a private investor. Todd Lindblom assisted in closing the transaction as the Wisconsin …
Janesville, Wis. — Chase Properties has acquired Pine Tree Plaza, a 184,834-square-foot shopping center located in Janesville. The property was 82 percent occupied at the time of sale by tenants including T.J. Maxx, HomeGoods, Michaels, Old Navy and Petco. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services brokered the transaction, which marks Chase’s sixth acquisition within its Chase Properties Retail Opportunities Fund IV.
New Richmond and Sparta, Wis. — Starbucks Coffee has signed two new retail leases in Wisconsin for spaces comprising 2,460 square feet each. The first property is located in New Richmond, about 45 miles northeast of Minneapolis. The other is in Sparta, about 28 miles east of La Crosse. Tony Colvin of Mid-America Real Estate represented Starbucks Coffee. The landlords for both properties were Jacques Holdings LLC and an entity doing business as OLH II LLC.
Greendale, Wis. — Colliers has brokered the sale of a newly constructed retail building on 76th Street in Greendale, a southern suburb of Milwaukee. The property is fully leased to Summit Credit Union, AT&T, Crumbl Cookies and Tropical Smoothie Café. Adam Connor, Heather Dorfler and Josh Minkin of Colliers represented the undisclosed seller and procured the California-based buyer in the transaction. A local credit union provided acquisition financing.
Brookfield, Wis. — Mid-America Real Estate Corp.’s Investment Sales Group has brokered the sale of Shoppers World of Brookfield, a 178,784-square-foot shopping center located in the Milwaukee suburb of Brookfield. Ross Dress for Less, Burlington, Xperience Fitness and Best Buy Outlet anchor the property, which was 100 percent leased at the time of sale to tenants including O’Reilly Auto Parts and Leslie’s Pool Supplies. The center is also shadow-anchored by Metro Market. Ben Wineman, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, an affiliate of investment firm PMAT. …
Baraboo, Reedsburg and Wyocena, Wis. — Greywolf Brokerage, a division of Greywolf Partners Inc., has negotiated the sale of a three-property portfolio of gas stations and convenience stores in Wisconsin for $1 million. The properties are located at 516 Ash St. in Baraboo, 306 E. Main St. in Reedsburg and 123 S. Washington St. in Wyocena. Together, the properties total 6,144 square feet. Steve Turner of Greywolf Brokerage represented the undisclosed seller.
Madison, Wis. — Von Maur has opened an 82,000-square-foot department store at West Towne Mall in Madison. Von Maur backfills a space formerly home to Boston Store. West Towne Mall spans 828,602 square feet and is home to tenants such as Total Wine & More, Dave & Busters, Dick’s Sporting Goods, JC Penney, Athleta, Pandora, Pottery Barn, Sephora, Williams-Sonoma and The Cheesecake Factory.