Lake Geneva’s Fancy Fair Mall has been purchased for $1.8 million, bringing new owners to the long-standing retail location.
The sale was handled by the Marcus & Millichap brokerage firm, which specializes in investment sales.
Located on 830 Main St., the 14,379-square-foot mall currently houses eight retail stores on the first floor and a vacant office on the second floor, according to Marcus & Millichap’s Milwaukee regional office manager Todd E. Lindblom.
Stores in the location include Galerie Matisse Ltd., Tra art Studio, Queen Bee Artisan Market, Noure’s Oriental Rug Gallery, New World Wine Shop, The Birdhouse and Bath, Body & Soul.
Marcus & Millichap investment specialists Jeff R. Rowlett and Kelly Flowers exclusively listed the property on behalf of the seller, a limited liability company which was not disclosed in a public press release from the firm.
According to Walworth County Assessor data, the new owners of the property are listed as Market of Lake Geneva, a corporation founded by an Algonquin, Illinois-based real estate company called Logan Pass Capital LLC.
The family-owned corporation acquires, develops and manages multifamily and commercial properties costing less than $5 million throughout the Midwest as well as in Florida and Georgia, according to its webpage.
“This sale was a rare opportunity to acquire real estate in the heart of downtown Lake Geneva,” Flowers said. “The property has excellent visibility and high foot traffic on W. Main Street.”
The total value of the commercial property was valued at $1,244,000, according to assessor data. Property taxes for the Fancy Fair Mall were $26,836 in 2019.