IRVINE, Calif. – Faris Lee Investments, a leading retail advisory and brokerage services firm, has completed the $3 million sale of Williams Corner, a 10,100-square-foot multi-tenant strip center located at 7410 118th Ave. in Kenosha, WI. The property is 100 percent triple net leased to five tenants including Starbucks with drive-thru, Supercuts, and Sparti’s Gyros.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, San Diego-based Williams Corner Investors LLC. The buyer was DJ Commercial Properties from Forest Hills, NY and was represented by Suheil Sahouia of the Trafton Group. The property sold at a 7.5 percent cap rate and $297 per square foot.
Built in 2001 and situated on 1.38 acres, Williams Corner is part of the I-94 / Hwy 50 Regional Town Center which is the dominant shopping center in the area and sees approximately 111,000 vehicles per day. Other nearby anchor tenants include Best Buy, Woodman’s Markets, Gander Mountain, and Steinhafels.
“Faris Lee’s marketing strategy for this asset was to reach out to our extensive database of private, high net worth investors across the United States,” said Conover. “The center offered a stabilized opportunity with increasing cash flow as all of the tenants have fixed rental increases. We had multiple offers and secured an aggressive cap rate and high price per square foot for a property located in a tertiary market.”
Over the past 12 years, the City of Kenosha, has had substantial annual growth in population of 7.6 percent, and annual housing growth of nearly seven percent over the past 12 years.