MILWAUKEE—Irgens, a Milwaukee-based real estate developer, has sold a 53,875-square-foot Whole Foods on the city's East Side. The $22.2 million sales price equals $412 per square foot, a record for a net-leased grocery store in WI. And considering the recent changes in this city, the nation's 32nd largest market, the level of interest in the property was not really a surprise.
“Milwaukee has seen a huge resurgence in the last five to seven years,” Adam Connor, a senior associate in Marcus & Millichap's Milwaukee office, tells GlobeSt.com. Connor represented the seller. The buyer is a Seattle-based private investor and this is its first commercial real estate purchase in WI.
In addition to a new headquarters for Northwestern Mutual and a new arena for the Milwaukee Bucks, developers have built roughly 1,500 new apartments in the downtown area. As a result, the CBD has become a mecca for the millennial generation, and more companies are moving in to take advantage of the changes.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
