Cushman & Wakefield retail financial investment specialists Jim Michalak and Patrick Berman negotiated for the seller. The corporate buyer, a licensed broker in Wisconsin, represented itself.
The 87,000-sf, 1990-constructed center, sold by Palm Lakes LLC of Lexington, KY., has 25 tenants with a single vacancy. The average asking rent range is $15 per sf to $16 per sf net. Lifestyle Family Fitness anchors Shoppes of Amberly. Re/Max, Hungry Howie's and State Farm Insurance are among the tenants.
Michalak, an annual multimillion-dollar producer who has focused on the retail investment market for the past 17 years, sees 2003 as almost a repeat of 2002 on the sales volume side.
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