Pick ‘n Save

640 East Main Street
Sun Prairie, Wisconsin 53590

  • Purchase Price
    $13,000,000
  • Sale Price
    $17,075,000
  • Hold Period
    1 Year and 2 Months
  • Investor IRR
    45.01%
  • Ending Occupancy
    100%

Anchor Tenants

Property Overview

Pick n’ Save is a single-tenant, NNN Lease, freestanding grocer only 15 miles from the city of Madison, WI. Immediately, this property drew our team’s attention for its proximity to this large urban center and a highly affluent, growing market (over 9.4% population growth projected in the next five years). Our team also recognized the strength of Pick n’ Save being a subsidiary of Kroger, which saw strong, steady sales even throughout the COVID-19 pandemic. FNRP purchased Pick n’ Save in February 2021 for $13M, and projected a 14.2% IRR for investors.

Pick n’ Save became our fastest property to be acquired and disposed of after only holding for a year and two months. Originally, FNRP planned to hold the site for seven years. However, due to the success of this site, a buyer approached us with a strong offer for the site. Therefore, we decided to sell the property earlier than expected to collect significant returns for investors.

Property Highlights

  • Besides being backed by Kroger’s exceptional credit as a leading grocer, Pick n’ Save is a regional favorite, with over 100 Pick n’ Save stores in Wisconsin.
  • Originally planned for a 7-year hold, FNRP was approached by an unsolicited buyer and was able to sell the asset for over $17M after the first year of owning Pick n’ Save.
  • Because of the early, substantial sale, investor IRR grew from 14.2% to 45.01%.

Location

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