Northmarq Announces $5.9 Million Sale of Shoppes at Drexel Near Milwaukee, Wisconsin

MT-Givargis-May22

Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant strip center located at 160 West Town Square Way in Oak Creek, Wisconsin. The Shoppes at Drexel totals 10,351 square feet and is fully leased to five tenants. Northmarq’s Ronnie Givargis represented the seller, a New York-based individual investor. The property was acquired for $5.9 million by an investor group out of Cedar Rapids, Iowa. Both parties were involved in 1031 exchanges

“At 5.94 percent, this was one of the lowest cap rates for a strip center in Wisconsin,” said Givargis, Senior Director in Northmarq’s Newport Beach, California office. “Through our targeted marketing efforts, we generated multiple offers and ultimately selected a buyer familiar with the local area.” 

The strip center was built in 2017 and is situated on 1.45 acres in a southern suburb of Milwaukee. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly. The property is an outparcel to Drexel Town Square, the city’s premier mixed-use development comprised of 85 acres of retail, medical, residential and government operations. The site benefits from a dense surrounding population of more than 140,000 residents earning an average annual household income exceeding $83,000 within a five-mile radius. 

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About Northmarq:

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.