100% Leased 3-Tenant Center – Corporate Credit Tenants: Kay Jewelers, Stanton Optical & MOD Pizza – The subject property is a 8,100-square-foot building that is 100% leased to tenants Kay Jewelers, Stanton Optical and MOD Pizza. All tenants offer corporate credit.
• Kay Jewelers is owned by parent comapny, Signet Jewelers Limited, the world’s largest retailer of diamond jewelry, operating over 3,500 stores in the US, UK and Canada.
• Stanton Optical is a national leader in eye care. Parent company Vision Precision Holdings ranked as the 18th largest optical retailer in the U.S. at the end of 2016, with estimated sales of just under $90 million and 55 eyecare locations (Source: Vision Monday’s Top 50 U.S. Optical Retailers report).
• MOD Pizza is a fast casual pizza restaurant chain based in the United States. Founded in Seattle, Washington, in 2008, MOD has 420 locations in the United States and United Kingdom. According to Nation’s Restaurant News Top 200 data, MOD Pizza was the fastest growing chain restaurant in 2017.
Outparcel to Festival Foods Anchored Shopping Center – One Block from Interstate 90 (55,000 CPD) – Visibility & Frontage to Milton Ave/Hwy 26 (32,000 CPD) – The subject property ideally sits as an outparcel to a Festival Foods anchored shopping center that includes desirable co-tenants such as Five Guys, Potbelly Sandwich Shop, Toppers Pizza, Qdoba, Sprint, Noodles & Company, and Papa Murphy. The property greatly benefits from its visibility and frontage along Milton Avenue/Hwy 26 (32,000 CPD) in addition to its close proximity to the Interstate 90 on/off ramp (55,000 CPD).
Brand New Construction – New 10 Year NNN Leases – Minimal Landlord Responsibilities – Passive Income from Corporate Credit – Construction on the shopping center commenced in in late 2018 and was completed in early 2019. All three tenants are on new 10-year NNN leases that commenced at the end of February/beginning of March 2019. The MOD Pizza and Stanton Optical leases feature 10% rent increases every five years in the Primary and (2) 5-year Option periods; Kay Jewelers’ rent is flat through the term with 10% increases in each of its (3) 5-year Options. The triple-net (NNN) lease structure provides for minimal landlord responsibilities and offers an investor a true passive income stream from corporate credit tenants.
Dense Retail Trade Area – Located at Convergence of 3 Major Highways – Key Traffic Drivers from Neighboring Tenants Target, Hobby Lobby & Blain’s Farm & Fleet – The center fronts Highway 26, offering outstanding visibility and signage to 32,000 cars per day. Additionally, the property is strategically located near the intersection of Highway 26 & Highway 14, one block from the on/off ramps of Interstate 90 (55,000 CPD), offering easy in/out access to the property for commuters and travelers in the area.
The property resides within a dense retail trade area, with national tenants such as Blain’s Farm & Fleet and Target adjacent to the center, as well as Hobby Lobby, Woodman’s Food Market, Harbor Freight, Menard’s, Walmart Supercenter, Home Depot, PetSmart, Five Below, JoAnn, and Ross Dress for Less within a half-mile radius.
Located in the Growing City of Janesville – Far Reaching Labor Pool – Headquarters for Blain’s Farm & Fleet, Woodman’s Food Market, Hufcor, Gray’s Brewing – The center is located in the City of Janesville, the tenth-largest city in Wisconsin. Located along the Rock River, Janesville is a dynamic and amenity-rich mid-size community enjoying easy accessibility to larger metropolitan areas including Madison (40 miles), Milwaukee (75 miles) and Chicago (110 miles). The city is a regional center for trade and services in Rock County and serves as a transportation nexus with two Interstates, I- 39 and I-90, US Highways 51 and 14 and State Highways 11 and 26 going through it.
Because of its far-reaching labor pool and easy access to surrounding major cities, many large businesses see Janesville as an ideal location for their companies. Janesville is the home of the headquarters for Blain’s Farm and Fleet, a three-state retail chain; Woodman’s Food Market, a regional supermarket chain that built its first store in Janesville; Swing’n’Slide, a maker of wood-and-plastic playground equipment; Hufcor (formerly Hough Shade Company), a manufacturer of room dividers that markets internationally; and Gray’s Brewing, maker of boutique beers and soft drinks.
Located in the Highly Desirable Madison Market (MSA) – State Capital City of Wisconsin – Home of the University of Wisconsin – Janesville is located within the Madison MSA. Madison is home to The University of Wisconsin, is the capital city of Wisconsin, home to the world-class Overture Center for the Arts, and provides residents with an abundance of parks, lakes, and unique neighborhoods. Home to the fastest growing population of any county in Wisconsin, Dane County boasts a highly educated workforce to power its diverse and innovative industries. With assets in information technology, life sciences, and agriculture, Dane County consistently ranks among the top areas for work and play.