Marcus & Millichap Arranges Sale Of Net-Leased Piggly Wiggly Property In Kenosha, WI
KENOSHA, WI, July 14, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Piggly Wiggly, a 49,936-square foot net-leased grocer located in Kenosha, WI, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $2,625,000.
Austin Weisenbeck and Sean R. Sharko, senior vice presidents and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a professional net-leased buyer with a Chicagoland office, was secured and represented by Weisenbeck and Sharko. Todd Lindblom assisted in closing this transaction as broker of record in Wisconsin.
Piggly Wiggly is located at 2801 14th Place in Kenosha, Wisconsin. The tenant is internet resistant with a triple-net lease that has 10.5 years remaining on the base lease term. There are four, five-year options remaining with rental increases. The lease is guaranteed by Piggly Wiggly Midwest, Limited Liability Company. The property had a straight forward escrow and closed on time and per all stated terms of the purchase and sale agreement.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.