Core Acquisitions, a Chicago-based commercial real estate owner, operator and developer, has acquired Green Bay Plaza, a 232,796-s.f. shopping center from Anenberg Asset Management of Newport Beach, Calif., for $25.35M.
Property: Green Bay Plaza in Green Bay, Wis.
Price: $25.35M
Seller: Anenberg Asset Management
Buyer: Core Acquisitions
Green Bay Plaza sits on 17.16 acres at the high-traffic intersection of Military Avenue and Mason Street, which sees 40,000 cars a day. The shopping center is 89% occupied, with national and regional tenants such as T.J. Maxx, HomeGoods, Ross Dress for Less, Dollar Tree, Five Below, Crunch Fitness and Skechers Outlet. It draws 2.5 million visitors annually.
“The buyer was drawn to the combination of durable cash flow, long-term fundamentals and the lease-up opportunity. Green Bay Plaza’s strong occupancy, high traffic counts and location in a market with low retail vacancy created confidence in both near-term income stability and future upside,” said Kevin Fryman, EVP of Hanley Investment Group, who represented the seller along with EVP Bill Asher and ParaSell, Inc.
Green Bay’s retail vacancy rate is a low 2.8%, and the city was recently ranked number 12 on the list of best places to live in the U.S.
The sale attracted strong interest.
“We generated multiple qualified offers from private and mid-market investors based in California and the Midwest, facilitating a competitive best-and-final bidding process that helped maximize value for the seller,” said Fryman.
The deal did not come without challenges.
“We were able to successfully navigate two tenants filing bankruptcy during the marketing and sales process and achieved strong pricing for a junior-box-anchored center in a small to mid-size geographic market,” said Fryman.
Adding to the shopping center’s appeal is its proximity to Lambeau Field, home of the Green Bay Packers, just two miles away. The property is also surrounded by Michaels, Petco, Planet Fitness and Starbucks and is accessible by Interstate 41.
