MILWAUKEE, Feb. 23, 2021 (GLOBE NEWSWIRE) -- CBRE announced the sale of a Petco distribution center and office center in Rhinelander, Wisconsin. The property, located at 2253 Airpark Road, sold to New York-based Evergreen Trading, a financial solutions, and media investment company.
CBRE’s Justin Felix and Andy Lubinski represented Petco and CBRE’s David Opper represented Evergreen in the sale. The 179,000 square foot distribution center was purchased as part of a larger business deal between Petco and Evergreen. Evergreen has relisted the property for sale with Mr. Lubinski and Mr. Felix. The team is marketing the property to both prospective buyers and tenants.
“This was a complex deal with several moving parts,” said Justin Felix with CBRE. “We had to get very creative in how we structured the deal and ultimately, we were able to achieve a win for our clients on both sides of the deal.”
The property is located on 24.29 acres of land and consists of approximately 150,000 square feet of warehouse space, 20,000 square feet of office space and 9,000 square feet of outside cold storage space. The building features 24 docks, various clear heights of 17’ to 32’ throughout the facility, ample parking, Wi-Fi/key fob access and an elevator.
“We’re excited and eager to work with the county and local community to bring jobs back to this quality property” said Jonathan Sorkenn, Senior Vice President of Evergreen Trading. “This is our first acquisition in 2021 and we expect increased activity in the sector due to the greater number of properties impact ed by the Covid-19 pandemic.”
CBRE represented both Buyer and Seller in the transaction and has been retained to market the property for lease and sale.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction, and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Evergreen Trading:
Evergreen Trading is an employee-owned financial solutions and media investment firm, with offices in NYC and LA. Evergreen’s partnership program enables retailers, CPG companies and other large consumer advertisers to monetize challenging real estate, excess product inventories and obsolete equipment at higher than market prices and on an accelerated timeline. Please visit our website at www.evergreentrading.com.
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