PRAIRIE DU CHIEN, WI, February 27, 2020 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Nathan Plaza, a 27,880-square foot shopping strip located in Prairie Du Chien, Wisconsin, according to Grant Fitzgerald, Associate Regional Manager of the firm’s Cleveland and Columbus offices. The asset sold for $2,775,000 which was over 95 percent of list price.
Erin Patton, Scott Wiles, and Craig Fuller, Senior Vice Presidents and Executive Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the seller, a Florida-based developer. After a competitive bidding process with multiple offers, the deal was awarded to a private local 1031-exchange buyer. The transaction closed within 40 days of contract signing with the buyer successfully securing new financing in that short timeframe. “This was a challenging assignment due to the rural location and Seller’s aggressive pricing expectations. Through our continued efforts, we were able to gain wide marketing exposure which resulted in the “needle in a haystack” local buyer who was willing to pay very close to list price and close quickly, delivering a great result for the seller” commented Patton. Todd Lindblom, Regional Manager and Broker of Record, assisted in closing this transaction.
Nathan Plaza is located at 37885 Selch Road in Prairie Du Chien, WI. The property is a Walmart Supercenter shadow-anchored shopping strip with eight tenants including Dollar Tree, Maurices, Shoe Show, Cottonwood Financial, U.S. Cellular, a Mexican restaurant, a Chinese restaurant, and a local pet store. The property was 100 percent occupied at the time of sale.
Year to date, Patton, Wiles, and Fuller have sold over $265 million of retail shopping centers totaling 3 million square feet throughout the Midwest and beyond. “We’ve had a very strong year for shopping center sales with another $250 million under agreement to close before year-end and in Q1 2020. Our team is looking forward to launching over a dozen new shopping center listings in the coming weeks and continuing the momentum into 2020” said Patton in closing.