The property is anchored by a Sentry Foods grocery store, and is 100% occupied, with 12 other stores including Family Dollar, Movie Gallery and the Salvation Army. The property, at 156 S. Pine St., was built in 2001.
A company spokesman tells GlobeSt.com that this is WexTrust's first foray into Wisconsin for existing property. "They own some land in Wisconsin, but nothing that generates revenue," the spokesman says. The company is looking to expand operations in the Midwest, he says, and is now working on the renovation of a former Days Inn in Chicago on the border of Lincoln Park, into what will be called the Park View Hotel. WexTrust bought the Chicago property in 2006, he says, and hopes to open the planned 196-room hotel soon.
"This Pinecrest property was just seen as a good return on investment," the spokesman says. "There's just a lot of demand for grocery-anchored centers."
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