A California-based real estate investment firm has acquired a Pick ‘n Save store building in the village of Sussex for $10.4 million. The 85,000-square-foot building is located on 16 acres at N65 W24838 Main St. The building has an assessed value of $8.2 million, according to Waukesha County records. The buyer is ExchangeRight Net Lease Portfolio
A California-based real estate investment firm has acquired a Pick ‘n Save store building in the village of Sussex for $10.4 million. The 85,000-square-foot building is located on 16 acres at N65 W24838 Main St. The building has an assessed value of $8.2 million, according to Waukesha County records. The buyer is ExchangeRight Net Lease Portfolio 36 DST, registered to Pasadena, California-based ExchangeRight. The firm purchased the property from Oconomowoc-based McAdams Realty Sussex, LLP.
According to its website, ExchangeRight invests in properties with long-term leases, leases backed by investment grade corporate credit, properties with tenants that operate in “necessity retail and health care industries” and geographically diverse locations with strong demographics and infill population centers, among other criteria.
The company recently purchased the Pick ‘n Save Marketplace building in Menomonee Falls for nearly $28.43 million.
Pick ‘n Save's parent company The Kroger Co. recently extended its lease for the building for 10 years, according to a real estate listing. The Pick n’ Save store in Sussex anchors a shopping center located at the northeast corner at the intersection of Highway 164 and Main Street. Other tenants include Cost Cutters, Carriage Cleaners and Papa Murphy's.
