Consumers Co-op sells Mega West property
Posted: August 23, 2013
Calabasas,CA-based Marcus & Millichap Real Estate, a 42-year-old provider of investment real estate brokerage services for private and institutional investors, announced that it recently finalized the purchase of the property at 2615 N. Clairemont Ave., Eau Claire, from the Consumers Cooperative of Eau Claire, the parent company of Mega Foods. The purchase price for the 75,000-square-foot property was $6.65 million. The deal closed August 9th.
"This was a net lease for the long term. This only involves the sale of the building. Nothing else will be changed as a result of this transaction," said Mega Foods CEO and President Mike Buck, who added, "This is part of our long-term and short-term business plan".
In a net-lease arrangement, the tenant often pays for certain improvements in addition to its lease payment to the building owner.
In 2012, Marcus & Millichap closed 6,149 investment transactions for private and institutional investors. Included in those transactions were shopping centers, office and industrial buildings, apartment properties, hotels/motels, senior housing facilities, self storage facilities and land. The investment real estate company employs more than 1,000 brokers nationwide.
According to Buck, Mega is still under a long term lease obligation after closing its Chippewa Falls store in April, 2012.
"We're still looking for tenants out there," he said. TBL