Green Bay Plaza, a 232,796-square-foot shopping center anchored by T.J. Maxx, HomeGoods, and Ross Dress for Less in Green Bay was sold for $25.35 million to Core Acquisitions of Chicago.
Hanley Investment Group Real Estate Advisors Kevin Fryman and Bill Asher, along with Jeff Lefko, in association with ParaSell, Inc., represented the seller,
The seller, Anenberg Asset Management based in Newport Beach, California, was represented by Hanley Investment Group Real Estate Advisors and ParaSell Inc. Core Acquisitions of Chicago, represented itself.
“Investor appetite for well-located shopping centers, leased to national credit tenants, remains robust, driven by the resilience of value-focused retailers and the consistent foot traffic they generate,” said Kevin Fryman of Hanley. “We generated multiple qualified offers from private and mid-market investors based in California and the Midwest, facilitating a competitive best-and-final bidding process that helped maximize value for the seller. We were able to successfully navigate two tenants filing bankruptcy during the marketing and sales process and achieved strong pricing for a junior-box-anchored center in a small- to midsize geographic market.”
Built in 1960 and expanded in 2003, Green Bay Plaza is 89% occupied and features a lineup of national and regional tenants, including investment-grade retailers such as T.J. Maxx, HomeGoods, Ross Dress for Less, Burlington, Dollar Tree, and Sierra. Other tenants include Five Below, Crunch Fitness, and Skechers Outlet. The center ranks among the top 9% most trafficked shopping centers in Wisconsin, drawing 2.5 million annual visitors, according to Placer.ai.
Located two miles from Lambeau Field, the property sits on 17.16 acres at a high-traffic intersection at Military Avenue and Mason Street, which sees 40,000 cars per day. It is surrounded by national retailers such as Michaels, Petco, Planet Fitness, and Starbucks.
According to Fryman, Green Bay’s retail vacancy rate is 2.8%.
Bill Asher of Hanley said, “Green Bay Plaza’s proximity to Lambeau Field, home of the Green Bay Packers, further enhances its appeal as a high-traffic destination. 97% of occupied square footage is leased to national and regional tenants, a testament to strength of the location, which is why demand and interest level in the asset was so high. These types of properties offer compelling long-term fundamentals, including strong tenant performance, limited new supply, and insulation from e-commerce disruption.”
