2960-2984 S Chase Ave - Freestanding FOR SALE


Milwaukee, WI 53207
$4,692,000 USD
312-528-3683
2960-2984 S Chase Ave, Milwaukee, WI for Sale
$4,692,000 USD
Freestanding - FOR SALE
1/2
null | 8% Cap Rate

2960-2984 S Chase Ave
Milwaukee, WI 53207


HIGHLIGHTS

  • Multi-tenant center anchored by CSL Plasma, a global biotech firm that has over 300+ locations
  • 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
  • The center is shadow-anchored by Target, which provides a steady flow of traffic to the center
  • 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

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$4,692,000 USD

PRICE/SF

$159 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chase Avenue Plaza

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.64 AC

LAND SF

114,998 SF

ZONING

-

APN/PARCEL ID

505-1171-000,505-1172-000

ASK ABOUT THIS PROPERTY

Jaime FinkJLLMore Info
312-528-3683

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Jaime FinkJLLMore Info
312-528-3683

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.