There are big boxes, and then there are big, big boxes.
SR Realty Trust has purchased a single store property in Oconomowoc, Wis., for the stunning price of $36.5 million. This is not your run-of-the mill store, but the 216,628-sq.-ft. home of Fleet Farm, a business that brings new meaning to the term one-stop-shop.
Fleet Farm sells food for people, pets, and livestock. At the cavernous emporium, one can buy clothing, lawn mowers, patio furniture, handguns, ice fishing shelters, golf clubs, boat seats, toys, and living room furniture. Fleet Farm will change the oil in your car and sell you a new set of tires.
“In today’s marketplace, it’s rare to see 200,000-plus-sq.-ft. retail big-box stores sell due to increasing online competition and retailers downsizing into smaller footprints,” said Tom Fritz, senior director of Stan Johnson Company, which brokered the deal on behalf of the seller, a developer from Green Bay.
“The amount of interest in this asset speaks to the strength of the Fleet Farm business model, and reinforces that retail is still a very necessary part of the future of real estate,” Fritz added.
Fleet Farms was built in 2018 and is situated on nearly 20 acres along Interstate 94 in Pabst Farms, a 1,500-acre mixed-use development still under phased development. Upon completion, the community will offer residential, retail, office, and healthcare space with 360 acres of parks and greenspace.
Fritz said that 10 offers were received for the property.