Top Deals of the Year in Commercial Real Estate to Be Honored

February 02, 2012 / Elizabeth Buckley, Commercial Property Analyst

Dane County saw some of the largest sales in commercial real estate in 2011. Some examples were a pharmacy, office space and a meat freezing plant. Commercial Brokers Group’s second  Deal of the Year awards are scheduled to be presented on Feb. 8. This is the second year these awards are being given.  Recipients are judged based on size of the parcels, amount of money involved as well as how their projects benefit the community.

Top Deals of the Year in Commercial Real Estate to Be Honored

Five of the seven projects judged will be honored. Two pieces of land were sold in Madison at Grand Canyon Drive on the West Side. Plans were made to build a grocery store on one and a pharmacy on the other. Sara Investments was the seller and a CVS Pharmacy and Gordon Food Service were scheduled for construction.

Interaction between them and CVS and GFS began in 2010 following demolition of a building that housed a Chi Chi’s restaurant. Negotiations for both sales culminated in 2011. Complications included meeting code requirements and stormwater requirements. Parking space had to be agreed upon. GFS paid $1.15 million and CVS $400,000 for their individual acreage.

Completion occurred in July 2011, following approval by the city of Madison. GFS spent $1.15 million for acreage to build a 17,000-square-foot store. The cost for CVS was $400,000 for their land.

Another commercial real estate deal for $4.7 million was made on two buildings in Sun Prairie, an apartment with 50 units, plus retail and office space equaling 11,372 square feet. It was sold to Solarock Properties LLC, by Cannery Square LLC. A PolyOne manufacturer was sold to Neesvig Meats for $2.85 million. It was purchased for use as a distribution center.

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