Local grocery store sale comparison highlights market value in Madison

In a recent Board of Review meeting held on June 2, 2025, the City of Verona discussed the assessment of a local grocery store, emphasizing the importance of using relevant sales data for accurate property valuation. The meeting highlighted the need to consider fully leased, operational grocery stores as comparables rather than vacant properties, which may not reflect current market conditions.

A key point raised during the meeting was the comparison of the Verona grocery store to similar properties in the region. One notable example presented was the Pick and Save located in Shorewood Hills, Madison. This store, which sold for $12.65 million in January 2023, translates to approximately $246 per square foot—significantly higher than the assessment for the Verona property. This recent sale serves as a crucial data point for understanding the local market dynamics.

Another comparable mentioned was a leased Pick and Save in Mukwonago, which sold for $12 million in June 2024, equating to $187.50 per square foot. This property, while slightly larger at 64,000 square feet, also indicates a higher market value than the current assessment for the Verona store.

The discussions underscored the necessity of utilizing current and relevant sales data to ensure fair property assessments. As the Board of Review continues its work, these insights will play a vital role in shaping the community's understanding of property values and their implications for local taxation and development. The meeting concluded with a commitment to further analyze these comparables to ensure accurate assessments moving forward.