Chase Avenue Plaza

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

묘사

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 takes up 40% of the GLA, has over 300 worldwide locations, and is a wholly-owned subsidiary of CSL Limited, an investment-grade (A-,S&P) global biotech firm. CSL has seven years of firm term remaining and adds a stable base to a rent roll with a WALT of nearly 7 years. The average rent for the center stands at $13.73, nearly 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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개요

요청 가격

₩6,363,349,000

Cap rate

8.25%

건물 면적 순

2,740 제곱미터

점유율

95.3%

월트

6.6 년

건축년도

1985

미디어

투자 하이라이트

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

VALUE-ADD OPPORTUNITY THROUGH VACANT END-CAP AND RENT GROWTH

• The property is 95% occupied, and the one vacancy is an end-cap

• With average rent at the center being just under $14 PSF and submarket vacancy at 0.5%, the asset is primed for continued income growth

STRONG LEASING MOMENTUM AND WALT

• Three new tenants have been signed up in the last year, bringing the current WALT of the center to 6.6 years

• In that same period, several tenants have exercised options, and China King agreed to a five-year extension