FedEx Corporation (NYSE: FDX) – Globally Recognized Tenant ($4.57B Net Worth) – Corporate Lease Guaranty – The lease is guaranteed by Federal Express Corporation (Standard & Poor’s “BBB” Bond Credit Rating), the world’s largest express transportation company providing a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the FedEx brand. Headquartered in Memphis, TN, FedEx ships to more than 200 countries and territories using air, ground and sea networks to link more than 99% of the world’s GDP. In 2018, FedEx reported revenues of over $65 billion and an approximate net worth of $4.57B.
Build to Suit Construction – Extensive Loading Capacity & Parking – Built in 1998 as a build to suit for FedEx, the Property consists of a 89,740-square-foot building that features (12) dock-well/drive-in loading doors, expansive parking, and a vehicle maintenance shop with (3) drive-in bays.
Real Estate Advantage – Less than 2 Miles from On/Off Ramp to Interstate 94, Waukesha County Airport – Situated on a large 9.3-acre parcel, this FedEx Express distribution facility is located less than 2 miles from Interstate 94 for quick access to downtown Milwaukee and beyond. Additionally, the property is strategically located just 1 mile from the Waukesha County Airport, Wisconsin’s busiest general aviation airport.
Successful 22 Year Operating History – Early 10-Year Lease Extension – Rent Growth – Commitment to Site – FedEx has been operating at this location for 22 years and recently extended their lease an additional 10 years (lease commenced December 1, 2018), demonstrating their commitment to the site. Additionally, the double-net lease features a rent increase of 7% in Year 6, and has (2) 5-year renewal options available.
Located in Milwaukee-Waukesha MSA – Top 50 MSA in U.S. – 3rd-Most Densely Populated MSA in the Midwest – The subject property is located 18 miles west of downtown Milwaukee, which is the largest city in the state of Wisconsin and the fifth-largest city in the Midwestern United States. It is located on Lake Michigan’s western shore, at the confluence of three rivers: the Menomonee, the Kinnickinnic, and the Milwaukee. Ranked by its 2018 population, Milwaukee was the 31st largest city in the United States. The city’s estimated population in 2018 was 594,511.
Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area. It is also part of the larger Milwaukee-Racine-Waukesha combined statistical area, which had an estimated population of 2,043,904 in the 2014 census. Milwaukee is the third-most densely populated metropolitan area in the Midwest, surpassed only by Chicago and Detroit. Milwaukee is considered a Gamma global city as categorized by the Globalization and World Cities Research Network with a regional GDP of over $105 billion.