Marcus & Millichap Inc.
Marcus & Millichap Inc.
20/08/2024 | Press release | Distributed by Public on 20/08/2024 18:53
Marcus & Millichap Arranges Sale of Two Piggly Wiggly Properties in Wisconsin
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Marcus & Millichap Arranges Sale of Two Piggly Wiggly Properties in Wisconsin
August 20, 2024
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WISCONSIN, August 20, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two Piggly Wiggly grocery stores located in Boscobel and Howards Grove, Wisconsin. The assets collectively sold for $3,200,000.
"We were able to procure multiple offers on this portfolio of Piggly Wiggly stores, despite the short-term leases," said Ben Kohl, associate. "Our buyer was identified through a targeted rooftop calling campaign, but the properties also attracted significant national interest."
Kohl and Mitchell Kiven, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, a private investor based in Madison. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
The Boscobel property, located at 6 W. Oak Street, spans 30,700 square feet and has functioned as a grocery store for over two decades, initially as Dick's Supermarket before being acquired by Piggly Wiggly. The Howards Grove property, located at 714 S. Wisconsin Drive, spans 24,268 square feet and has been operating since 1997. Both assets serve as the sole grocery stores in their cities and are tenanted by Piggly Wiggly Midwest, a company recognized as the eighth largest privately held business in the U.S.
"We were able to procure multiple offers on this portfolio of Piggly Wiggly stores, despite the short-term leases," said Ben Kohl, associate. "Our buyer was identified through a targeted rooftop calling campaign, but the properties also attracted significant national interest."
Kohl and Mitchell Kiven, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, a private investor based in Madison. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
The Boscobel property, located at 6 W. Oak Street, spans 30,700 square feet and has functioned as a grocery store for over two decades, initially as Dick's Supermarket before being acquired by Piggly Wiggly. The Howards Grove property, located at 714 S. Wisconsin Drive, spans 24,268 square feet and has been operating since 1997. Both assets serve as the sole grocery stores in their cities and are tenanted by Piggly Wiggly Midwest, a company recognized as the eighth largest privately held business in the U.S.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.