Good Hope Rd. Pick ‘n Save Sold For $20 Million

A building occupied by a Pick ‘n Save grocery store on Milwaukee’s far Northwest Side has a new owner at a notable price.

Florida-based L2 Partners purchased the 10.74-acre property at 7401 W. Good Hope Rd. for $20 million according to state real estate records. The company is “exclusively focused on pharmacy, grocery, medical, and value add opportunities” according to its website.

Cincinnati-based Kroger will continue to own and operate the grocery store in the leased 102,000-square-foot building. A listing on real estate service Loopnet says Kroger invested $1 million in the building in 2017, then saw sales increase 36% in five years.

The sale price was nearly double the property’s $10.87 million assessment.

Milwaukee-based Boulder Venture sold the property, completing a successful redevelopment effort. The company purchased what was a vacant Home Depot store in 2009, brought in the grocery store as an anchor tenant and sold the former garden center portion in 2021 for $1.1 million so it could be redeveloped as a Planet Fitness gym.

L2 Partners has acquired multiple properties in the Milwaukee area in recent years. That includes paying $22.5 million in 2021 for a shopping center on Highway 100 in West Allis that is anchored by Pick ‘n Save and Kohl’s. Last month it acquired the Brookfield Marketplace shopping center for $17.2 million. The multi-tenant complex is anchored by Pick ‘n Save.

The Miami-based company’s website has a map indicating it owns properties in more than 40 state and has acquired more than $1.1 billion in commercial real estate. L2 reports also having offices in Chicago and Providence.

The Good Hope Road building, according to city assessment records, was constructed in 2005 for Home Depot. The Common Council approved a zoning change to allow the Planet Fitness in February.

According to the property listing, L2’s new property includes 840 parking spaces. But a map submitted to the city as part of the Planet Fitness project indicates the actual figure is about half that amount. The city assessor maintains the size of the Pick ‘n Save property, after removing the newly-created gym site, as 9.85 acres.

A number of outlot buildings front W. Good Hope Rd. and N. 76th St. None of those properties, occupied by McDonald’s, Culver’s, Starbucks and other tenants, were part of the sale.