IPA Brokers Sale of Two Shopping Centers in Kenosha for $43.5M
KENOSHA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southport Plaza and Indian Trail Plaza in Kenosha for $43.5 million. A Florida-based private buyer purchased the two adjacent shopping centers, which total 407,367 square feet. Anchored by Kohl’s, Fresh Thyme and Hobby Lobby, the centers were 92 percent occupied at the time of sale. Southport Plaza was built in 1996 and Indian Trail Plaza was constructed in 2006. Both properties are located at the intersection of Green Bay Road and 75th Street. Craig Fuller, Scott Wiles, Erin Patton and Jared Shapiro of IPA represented the seller, a Chicago-based private equity firm. The team also represented the buyer, which secured permanent financing from a bank at a 76 percent loan-to-value ratio.