Former supermarket redeveloped on Janesville’s east side
Jeff Maurer made the decision to close his 30,000 square foot grocery store and had more than three years remaining on the lease. Not long after the store closed the building owner had an offer to purchase the property and that prospective buyer was asking Maurer to take a costly lease buyout.
The tenant had originally enlisted Bill Mears and Adam Shultz to find a subtenant for the space as quickly as possible. Once they learned about the pending offer on the property, the two reached out to gas station and convenience store chain Kwik Trip, which had been rapidly expanding in the area. Knowing that Kwik Trip is an owner-occupier and not a tenant, Mears and Shultz set the pieces in motion: Maurer exercised his right of first refusal and purchased the property from the former property owner, and Kwik Trip purchased it in succession from Maurer.
- Successfully negotiated the building purchase and sale agreement for$1.265 million dollars and the tenant was able to walk away from the lease.
- Creates a new food/small grocery option on Janesville’s east side to replace the closed grocery store.
- The East Milwaukee Kwik Trip will bring more than eighty new jobs to the Janesville community.
"Bill and Adam did a great job in quickly identifying a new end user for the site and worked relentlessly to create and, ultimately, bring the deal to a close. We are very happy with the result for all the parties involved and highly recommend Bill Mears and Adam Shultz for any potentially challenging real estate assignments in the Janesville area." - Jeff Maurer, Owner