HARTFORD, WI – [April 29, 2021] – Blue West Capital has completed the sale of an ALDI-anchored shopping center located at 1591 E Sumner Street in Hartford, WI for $4,950,000. The shopping center sold for 95% of the listed price.
Carly Gallagher Kelly, of Blue West Capital, represented the seller in the transaction and procured the buyer directly. The seller was Midwest Expansion LLC, out of Green Bay, Wisconsin. The purchaser was a Dallas-based commercial real estate company.
Hartford Centre, a 34,577 square foot shopping center, is leased to national, e-commerce resistant, and essential tenants including ALDI, Dunkin’ Donuts (drive thru), H&R Block, Shopko Optical, Papa Murphy’s, and others. Hartford Centre is located just 37 miles northwest of downtown Milwaukee and in one of the fastest growing communities of Milwaukee. Within a five-mile radius, average household incomes exceed $86,000, and the population is projected to grow by 3.5% over the next five years. 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.
“Over the past year, the investment market for multi-tenant shopping centers has been volatile due to the COVID-19 pandemic and the effect it has had on consumer behavior, tenants, the debt market, and buyer’s perspective on retail. In the past few months, we have seen a substantial increase in demand for essential and grocery-anchored multi-tenant properties. The demand continues to outpace the available supply, which has resulted in very favorable market conditions for sellers. Within the first few days of marketing, we received a handful of qualified offers evidencing the current robust demand for grocery-anchored properties,” said Carly Kelly, Director.
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