Marketplace at Janesville | National Tenants with New Long Term Leases
Janesville, WI
Price: $13,219,000Cap Rate: 6.50%Building SF: 71,555 SFLot Size: 8.85 AcresYear Built: 1984 / Renovated 2017/2018Status: Available

Investment Highlights: 

High Visibility Center Leased to National Tenants: JoAnn, Ross Dress for Less, Five Below, PetSmart  – The subject property is a 71,555 square foot building that is 100% leased to national tenants JoAnn Stores, Ross Dress for Less, Five Below and PetSmart, offering a dynamic retail mix and corporate guarantees. 

New Construction (Renovation) – Adjacent to New Marriott TownePlace Suites (Under Construction) – The Property is a redeveloped former Menard’s which was completely renovated in 2017/2018. The site is located adjacent to a new 53,000-square foot Marriott TownePlace Suites hotel which will feature 87 rooms, an indoor swimming pool, and suites with kitchens.

New Long Term NNN Leases – Minimal Landlord Responsibilities – Solid Passive Income – All of the center’s tenans are on new 10-year NNN leases. Five Below & PetSmart commenced in February 2018, JOANN commenced at the end of March, and Ross Dress For Less opened in July. Five Below’s lease features 10% rent increases every five years in the Primary and Option periods. The other tenants will see increases in their Options. The NNN leases provide for minimal landlord responsibilities and offer an investor a true passive income stream.  

Strategic Location – Major Traffic Corridor at Intersection of Multiple Highways (75,000+ CPD) – Excellent Access – The subject property is located at the offramp of Interstates 39 & 90 (55,000+ CPD), at the intersection of Hwy 14/Humes Rd (20,000+ CPD), offering excellent freeway signage and visibility. This strategic location allows the center to pull from a wide-ranging labor and customer pool and provides an outstanding draw to the center.

Located Within Dynamic Retail/Commuter Corridor – Excellent Retail Synergy – The subject property is located along a major retail corridor, providing strong synergy with neighboring tenants include Home Depot, Pier 1 Imports, Holiday Inn Express, Starbucks, Blain’s Farm & Fleet, Texas Roadhouse, Gander Mountain, TJ Maxx, Wildwood Movie Theater, Petco, Michael’s, and many more. 

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.


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