IRVINE, Calif., June 9, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.6 million sale of Windsor Pointe, a 13,965-square-foot, fully occupied multi-tenant retail center in Kenosha, WI. The property is within I-94/Highway 50 Regional Town Center which includes Best Buy, Woodman’s Markets, Gander Mountain and other regional and national tenants.
Jeff Conover, Senior Managing Director with Faris Lee Investments, represented the seller, San Diego-based Windsor Pointe Investors. The buyer, Connecticut-based REI Advisors represented itself in the transaction. The closing cap rate was 7.86 percent.
“Faris Lee marketed this property as a secure and stable investment with seasoned tenants in a high-growth trade area with double digit cash-on-cash returns,” said Conover. “The asset was sold to a private, East Coast investor at $329-per-square-foot.”
This sale marks the seventh retail property sale in Kenosha that Conover has completed over the past 24 months.
Built in 2004 and situated on 2.26 acres at 7201 120th Ave., the property is within the area’s dominant shopping center and is adjacent to the new I-94/Highway 50 split diamond interchange providing easy access and unobstructed exposure to more than 109,000 vehicles per day.
Kenosha is Wisconsin’s fourth largest city with an annual population increase of 6.8 percent over the past 13 years. The area is heavily tied to the Milwaukee and Chicago markets and is situated almost directly in between the two cities.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.