BMO Harris Bank | New Smart Branch Concept
Milwaukee, WI
Price: $1,808,000Cap Rate: 5.50%Building SF: 2,216 SFLot Size: 0.28 AcresYear Built: 2017Status: Available

Investment Highlights: 

Investment Grade Credit Tenant: BMO Harris Bank (S&P: A+) – 8th Largest Bank in North America – The subject property is leased to BMO Harris Bank. Established in 1882 as Harris Bank, and owned by BMO Financial Group (TSX, NYSE: BMO) since 1984, BMO Harris Bank has grown to become one of the largest banks in the Midwest serving personal, commercial and affluent customers. BMO is the eighth largest bank in North America by assets, with total assets of $710 billion and provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers.

BMO’s New “Smart Branch” Concept – First “Smart Branch” Location in the State of Wisconsin  – BMO’s “Smart Branch” concept — the first such branch in Wisconsin – provides customers with a new and engaging environment that brings together high-tech convenience and personal service to customers such as video conferencing, smart ATMs, laptops & tablets, and free WIFI, in a unique, open building format tailored to fit customer’s evolving needs.

New Build to Suit Construction – Relocation Site – 13 Year Absolute NNN Lease – 2% Annual Rent Increases – The subject property is a new build-to-suit and a relocation site for BMO Harris Bank, built in late 2017. It sits across the street from a former site where BMO (formerly M&I Bank) conducted business for nearly 58 years, continuing BMO’s long -term community partnership with the Sherman Park neighborhood.

The new absolute NNN lease has 12 years remaining and features 2% annual rent increases, providing an investor with a safe and creditworthy passive investment with aggressive rent growth.

Located in the Sherman Park Neighborhood Along W Fond Du Lac (24,000 CPD) – Major Travel Corridor – Multiple Access Points – The subject property is located within the Milwaukee neighborhood of Sherman Park along W. Fond Du Lac Avenue. This corridor is the main traffic corridor, offering excellent visibility and signage to over 24,000 cars per day. Additionally, the property is located on the hard corner intersection of W. Fond Du Lac Ave and N. 37th St, a location that offers multiple access points into the property for easy in/out entry to the property.

Dense Infill Location – Outstanding Surrounding Demographics – The dense infill site offers outstanding demographics, with over 235,000 people living within a 5-mile radius of the subject property with an average household income of $51,427, lending well to the tenant’s concept and supporting its continued success.

Located in Milwaukee – Largest City in Wisconsin – New Construction Boom – The subject property is located in Milwaukee, WI. Milwaukee is the largest city in the state of Wisconsin with an estimated population in 2017 of 595,351, and the fifth-largest city in the Midwestern United States. It is located on Lake Michigan’s western shore. Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area. Milwaukee is the second-most densely populated metropolitan area in the Midwest, surpassed only by Chicago.

The city is undergoing its largest construction boom since the 1960s. Major new additions to the city in the past two decades include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an expansion to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW–Milwaukee Panther Arena. The Fiserv Forum, a multi-purpose arena that is the home of the Milwaukee Bucks of the National Basketball Association (NBA) and the Marquette Golden Eagles men’s basketball team of Marquette University, opening in late 2018.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977