Marcus & Millichap brokers sale of three-property retail portfolio in West Allis

Marcus & Millichap brokers sale of three-property retail portfolio in West Allis

Marcus & Millichap facilitated the sale of Southtown Shopping Center, a three-property, 15-suite retail portfolio including a Panera Bread outlot and Krispy Kreme ground lease in West Allis, Wisconsin. Mendoza, Austin Weisenbeck and Sean Sharko of the Sharko | Weisenbeck | Mendoza Group from Marcus & Millichap’s Chicago Oak Brook office, in association with Todd Lindblom, Marcus & Millichap’s Wisconsin broker of record, had the exclusive listing to market the property on behalf of the sellers, and procured the buyer, an east coast based 1031-exchange buyer.  The portfolio consists of a 101,567-square-foot shopping center, a Panera Bread two-tenant outlot and a Krispy Kreme ground lease at 2900 S. 108th St. The property was 98% leased at the time of sale and featured a 15.88-year weighted tenant tenure. Several tenants, including Krispy Kreme, Buffalo Wild Wings, Chuck E. Cheese and Advance Auto Parts, have operated at the property for 21 to 30 years.