2960 South Chase Avenue, Milwaukee, WI, 53207, US

Chase Avenue Plaza

Description de l'actif

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Chase Avenue Plaza located at 2960-2990 Chase Avenue in Milwaukee, Wisconsin. The 29,491 SF multi-tenant center is 95% occupied and sits on 2.64 acres of land. The center is anchored by CSL Plasma and also benefits from traffic driven by an adjacent Target. A new roof, which has a 20-year warranty, was added to the property in 2022.

The rent roll consists of eight tenants from a wide range of complimentary sectors and includes a vacant end cap. CSL Plasma, which takes up 40% of the GLA, has over 300 worldwide locations and is a wholly-owned subsidiary of CLS Limited, an investment-grade (A-,S&P) global biotech firm. CSL has over seven years of firm term remaining and adds a stable base to a rent roll with a WALT of 7 years. The average rent for the center stands at $13.63, 10% lower than the average rent for multi-tenant centers within a 1.5 mile radius.

The site is strategically situated between a hard corner to the south and Target to the north of the center. This Target store is an above-average performer in the state and drives 1.5 million visits annually to the center. Additional traffic drivers include Piggly Wiggly, which is a top 30% store in the state; Home Depot, which is #1 out of 27 locations in the state; and Pick 'n Save, which is the #1 store in the nation. These remarkably strong traffic drivers along with the site's proximity to I-94 (132,000 VPD) provide access and visibility to Milwaukee's affluent consumer base.

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Caractéristiques de l'actif

Prix attendu

4 321 000 €

Taux de capitalisation

8 %

Surface de l'actif brut

2 740 m²

Occupation

95,3 %

WALT

7 années

Année de construction

1985

Média

Points clés d'investissement

MULTI-TENANT CENTER ANCHORED BY CSL PLASMA

• CSL Plasma is a global biotech firm that has over 300+ locations across three continents and is a subsidiary of CSL Limited, which boasts an investment-grade credit rating (A-,S&P)

• CSL takes up 40% of the GLA and has 7+ years of firm term remaining on their lease, providing a stable foundation to the investment

TARGET SHADOW ANCHOR

• The center is shadow-anchored by Target, which provides a steady flow of traffic to the center

• This Target location drives 1.5 million visits annually, which is above-average for both the state and the nation

VACANT END CAP AND 7 YEARS OF WALT

• The property has one vacancy and has potential for outlot development, offering a value-add component to the investment

• The WALT for the center stands at 7 years, exemplifying the stability of the investment

COMMERCIAL CORRIDOR WITH TOP PERFORMING TRAFFIC DRIVERS

• In addition to Target, the immediate area has several strong traffic drivers, such as Pick 'n Save, Home Depot, and Piggly Wiggly

• All of the top traffic drivers in the area have above-average foot traffic; most notably, Dollar Tree is #2 in the state, Home Depot is #1 in the state, and Pick 'n Save is #1 in the nation