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Green Bay, Wisc.: Midland Atlantic Properties buys grocery-anchored center

 

NGKF Capital Markets has successfully completed the sale of Bellevue Town Center in Green Bay, Wisconsin, to Cincinnati, Ohio-based Midland Atlantic Properties.

 

Executive Managing Director Michael Dillon of the NGKF Capital Markets Chicago team oversaw the transaction of the 75,000-square-foot institutional-quality food anchored shopping center on behalf of Rubicon US REIT Inc.

 

Anchored by a Pick ‘n Save Food Store, a Kroger division, the fee-simple offering contained 75,000 square feet of gross leasable area and was 98.2 percent leased. This prime retail destination features a strong national and regional tenant lineup which consists of Target, H&R Block, Sally Beauty and Weight Watchers. Other national retailers, such as Costco Wholesale, are also nearby. 

 

“The low interest rate environment and lack of quality food-anchored assets on the market in the Midwest caused for great buyer demand and valuations that rivaled those of major market assets,” said Dillon. “As such, we received multiple offers from public and private entities for this institutional food-quality asset.”

 

Located in Bellevue, Wisconsin, a submarket of Green Bay, the shopping center is strategically situated less than one mile north of Highway 172, at the corner of Line Kiln Road and Allouez Avenue. The property also benefits from three points of ingress / egress, allowing for easy access in and out of the center.

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