(Read more on the TIC market.)

GREEN BAY, WI-A private, tenancy-in-common group of investors has purchased East Town Mall, the only enclosed mall in the Green Bay area. The 198,661-sf mall, built in 1982 and renovated in 1997, is 86% leased.

Former owner Marlin Properties Inc. sold the mall for between $12 million and $13 million, says Rick Drogosz, a principal with Mid-America Real Estate Corp.’s Investment Sales Group. Drogosz and investment associate Bonnie Ferguson represented the Northfield, IL-based seller, and David Brackney with Brackney & Associates represented the East Coast-based buyer.

Drogosz tells GlobeSt.com that the property is a bit of a handful in today’s retail market. “An enclosed mall is very management intensive,” he says. “It’s not like operating an open-air strip, it requires more diligence in maintaining and monitoring.”

He says the east portion of Green Bay has a solid community market. He declined to give an average lease rate in the building. Asking retail rents for the Milwaukee area are at $15.07 per sf, according to a Marcus & Millichap market report.

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