Hartford, WI – [Tuesday, September 13, 2022] – Blue West Capital has completed the sale of an ALDI shadow-anchored shopping center located at 1595 E Sumner Street in Hartford, WI for $2,900,000. The shopping center sold for 95% of the listed price.
Carly Kelly (Gallagher) and Shawn Dickmann of Blue West Capital represented the seller in the transaction and procured the buyer directly. The seller was a private real estate company based out of Dallas, and the purchaser was a private investor based out of Colorado. This is the second time Carly Kelly has sold this property within the last year.
Hartford Shops, a 12,530 square foot shopping center, is 100% leased to national, e-commerce resistant, and essential tenants including Dunkin’ Donuts (drive thru), H&R Block, Shopko Optical, Papa Murphy’s, and others. In addition to the subject tenants, there is also a separately owned ALDI that shadow anchors the property and provides additional consumer draw. Hartford Shops is located just 37 miles northwest of downtown Milwaukee and in one of the fastest growing communities of Milwaukee. Within a five-mile radius, there are over 30,000 people with average household incomes exceeding $87,000. The property offers excellent visibility and accessibility, as it is located right off Interstate 41 and along Highway 60 (E Sumner Street), the main throughfare in the market.
“We continue to match Denver-based investors with properties in the Midwest, allowing them to achieve a higher yield. We received multiple offers on this property from the initial launch, and we ultimately closed at 95% of the list price. Both parties were able to overcome obstacles, including acquiring a condo interest, a tenant that is month-to-month, and some near-term roll. Despite these challenges, there was still a large demand in the market for this property. Un-anchored and grocery shadow-anchored shopping centers continue to be heavily sought after given their necessity-based nature.” said Carly Kelly, Director.
“Hartford Shops provided the buyer with a stabilized investment opportunity within the Milwaukee MSA. The out of state investor was drawn to the complementary mix of tenants, surrounding demographics, and high traffic counts. Blue West Capital has a proven track record of finding out of state buyers that will pay a premium for properties in the Midwest.” Said Shawn Dickmann, Investment Sales Associate