A Milwaukee broker is listing the Pick ‘n Save property on Janesville’s south side for sale for $3.25 million with options that could include sale, lease and redevelopment.
NAI MLG Commercial identifies the 130,000-square-foot building at 1717 Center Ave., and the 18.5 acres it sits on, as available in a commercial real estate listing that surfaced late last week.
Pick ‘n Save, the grocer that leases the Janesville property, plans to close the grocery store in early November.
The listing on NAI MLG’s website shows a sale price of $3.25 million, but it leaves the door open for options other than a straight sale for the 21-year-old grocery store property.
NAI MLG wrote in a description of the listing that “Pick ’n Save will be closing November 4, leaving this well-positioned retail store available for a new tenant, for purchase or for redevelopment.” It includes the names of two brokers who work in the Milwaukee area.
Adam Matson, a broker for NAI MLG, said he and fellow broker Kevin Schmoldt, a Janesville native, are marketing the property on multiple fronts, including potential reuse or redevelopment as a retail store, mixed-use commercial, or as a mix of commercial storefronts and warehousing and distribution space.
Matson said the marketing is in its early stages. Part of the work, he said, is determining which commercial uses might generate interest and what kinds of reuse or redevelopment the city might allow.
Matson said his firm’s major initial push is to find a retail reuse of the property, whether through lease or sale.
“We went fully public on Friday, which hit all of the national databases, but we’ve been calling different companies for the last few weeks,” Matson said. “We’re trying to bring in another retail use, whether it would be a food store or a similar store, or some sort of retail. We’ve had some really good discussions with a couple of national chain retailers.”
NAI MLG’s listed price is about half of the property’s last selling price. In 2000, the property’s current owner, NDC Commercial Real Estate, bought it for $6.4 million, according to city property tax records.
Roundy’s, which owns Pick ‘n Save, announced in September that it planned to shutter its Janesville store, saying at the time the store’s financial performance failed to meet the company’s goals.
City Economic Director Gale Price said in September that the closing of Pick ‘n Save would leave thousands of south-side residents—including about 7,000 people who live within a mile of Pick ‘n Save—without close access to a full-service grocery store for the first time in two decades.
At the time, Price said the city was interested in seeing the Pick ‘n Save property return to use. He said it would benefit residents if another grocer moved to the south side—even if it meant redeveloping the property to include other retailers and perhaps a smaller supermarket than the 130,000-square-foot Pick ‘n Save.
A Roundy’s official said earlier that the Pick ‘n Save property didn’t appear to have restrictions for reuse.
A Milwaukee-based supermarket analyst commenting on the Pick ‘n Save closure told The Gazette in September that Janesville is flush with nearly a dozen highly cost-competitive grocery stores, most of them clustered on the city’s north side.
The analyst indicated it’s possible the property could become commercial space unrelated to the grocery retail market.