January 28, 2020
Stan Johnson Company (SJC) completed the sale of a big-box retail property located in Oconomowoc, WI, 30 miles west of Milwaukee, and fully-leased to Fleet Farm. The 218-628-square foot property and accompanying convenience store were purchased for $36.4 million by Minneapolis-based SR Realty Trust Inc.
SJC’s Tom Fritz, Brandon Duff and Christina Pecoraro represented the seller, a developer from the Appleton/Green Bay, WI area. “This was one of the first of Fleet Farm’s newer prototypical stores to have sold in the open market,” said Fritz.
He added, “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.”
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