Starbucks/Heartland Dental - Lino Lakes, MN
601 Apollo Dr, Lino Lakes, MN, 55014, US
SEK 47,758,000 | 598 m²
Description
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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Attributes
Asking price
SEK 44,220,000
Cap rate
8.25%
Building area net
2,740 m²
Occupancy
95.3%
WALT
6.6 years
Year built
1985
Media
Investment Highlights
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
Contact brokers
Chase Avenue Plaza (0 Properties)
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Last updated
17 Jul 2025
