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NGKF Capital Markets has successfully completed the sale of Bellevue Town Center in Green Bay, Wisconsin to Cincinnati, Ohio-based Midland Atlantic Properties. Executive Managing Director Michael Dillon of the NGKF Capital Markets Chicago team oversaw the transaction of the 75,000-square-foot institutional-quality food anchored shopping center on behalf of Rubicon US REIT Inc.
Anchored by a Pick ‘n Save Food Store, a Kroger division, the fee-simple offering contained 75,000 square feet of gross leasable area and was 98.2 percent leased. This prime retail destination features a strong national and regional tenant lineup which consists of Target, H&R Block, Sally Beauty and Weight Watchers. Other national retailers, such as Costco Wholesale, are also nearby.
“The low interest rate environment and lack of quality food-anchored assets on the market in the Midwest caused for great buyer demand and valuations that rivaled those of major market assets,” said Dillon. “As such, we received multiple offers from public and private entities for this institutional food-quality asset.”
Located in Bellevue, Wisconsin, a submarket of Green Bay, the shopping center is strategically situated less than one mile north of Highway 172, at the corner of Line Kiln Road and Allouez Avenue. The property also benefits from three points of ingress / egress, allowing for easy access in and out of the center.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.