Description

...

Attributes

Building area net

2,780 sm

Occupancy

100%

Year built

1962

Tenants

Target, Urban Outfitters, Potbelly

Irreplaceable Core Location on State Street – the Main Corridor Linking Both Downtown Madison & UW-Madison Campus
Located in the heart of Madison’s high-barrier, live-work-play corridor with unparalleled accessibility to UW-Madison’s 52K+ student enrollment
0.1 miles from Greek Row and Memorial Library, 0.5 miles from Bascom Hill and the Wisconsin State Capitol, and 1.2 miles from Camp Randall Stadium
First marketed retail investment opportunity of scale in 10 years on State Street!

VALUE-ADD OPPORTUNITY - Urban Outfitters Rolls in 2029 and is +/- 55% Below Market
Urban Outfitters expires in 2029 with no contractual renewal options, allowing the next investor optionality in re-tenanting the space or working through a lease renewal with the existing tenant
Urban is currently on a modified gross lease – opportunity to convert to an NNN lease upon 2029 expiration

Record-Breaking University Demand – UW Madison – Tier 1, Power 5 University - 51K+ Enrollment
UW-Madison experienced a 12% YoY increase in applicants for Fall 2025
Enrollment has grown 13.8% over the last 5 years, with a 61% increase in applicants during the same period
UW-Madison ranked #5 most trafficked college campus in the Country, and #12 best public university nationally (U.S. News & World Report)

Premier Campus-Serving Tenant Mix Perfectly Captures Student Demographic & Provides Cash Flow Stability
Tenant income is +/- 53% Target, +/- 30% Urban Outfitters, and +/- 17% Potbelly
Target: Signed 10-Year Lease in 2021 (A/Stable by S&P)
Urban Outfitters & Potbelly are both corporate leases with nearly 38 and 24 years of tenure
Additional revenue stream from two cell tower leases (AT&T and Verizon) with an additional cell tower lease spot available