A California-based national investment firm has acquired the Pick 'n Save-anchored commercial property on North Mayfair Road in Wauwatosa for $19.3 million, according to state records.
Pasadena, California-based
ExchangeRight purchased the property, located at 1717 N. Mayfair Road, from Chicago investors group TCB Pick Owner LLC.
The site includes the Pick 'n Save grocery store building as well as two outlot retail buildings, according to Milwaukee County records. The buildings include such tenants as Bubon Orthodontics, Firehouse Subs and Mattress Firm.
The land and buildings are assessed at $17.26 million, according to city records. TCB originally acquired the property in 2016 for $17.35 million.
ExchangeRight did not immediately respond to a request for comment.
The firm acquired it through one of its 1031 Exchange net-leased portfolios. The portfolios are made up of investments in long-term, net-leased properties backed by investment-grade corporations, according to its website.
"We work with corporate tenants that operate successfully in the necessity retail space with the goal of providing investors with stable and predictable income," ExchangeRight states on its website.
ExchangeRight provides real-estate investments that target secure capital, stable income and strategic exists to protect and grow investors' wealth.
It has acquired more than a dozen other Milwaukee-area properties for other net-leased portfolios. Many of those properties are Walgreens pharmacies, but also include other Pick 'n Save stores, auto-parts stores and a pawn shop.
