Platteville Commons | Shadow Anchored by Walgreens
Platteville, WI
Price: $1,425,000Cap Rate: 7.25%Building SF: 7,086 SFLot Size: 0.85 AcresYear Built: 2013Status: Available

Investment Highlights: 

Strong Anchor Tenant – Largest Anytime Fitness Franchisee in the Country – 100% Leased Center  – The subject property is 100% leased to two tenants, Nail World, a full-service nail salon, and Anytime Fitness. Anytime Fitness is the world’s fastest-growing health club franchise with over 3,000 locations worldwide. The company is projected to have 5,000 locations by the year 2020.

Shadow Anchored by Walgreens – Thriving Retail Trade Area  – The shopping center is located adjacent to a Walgreens store which is a key component in driving consistent traffic flow to the site and into the trade area. In addition, the subject property benefits from a strong retail synergy with neighboring retailers including DQ, Dollar General, Country Inn & Suites, Dunkin Donuts, Taco Bell, Super8, Berry Yo, Culver’s, Napa Auto Parts, and more.

Located Along Major Retail Artery – Excellent Visibility/Signage to WI State Hwy 151  – The property is located just off WI State Highway 151 along Dubuque Road, which is one of the main retail arteries in Platteville.  The property’s visibility to Highway 151 and State Road 80 offers outstanding signage to 22,000+ cars per day.

Home of the University of Wisconsin-Platteville (8,600 Students) – Close Proximity to Downtown Dubuque, IA & Other Major Cities – Platteville is home to the University of Wisconsin-Platteville, a comprehensive, four-year public institution of higher education. UW-Platteville is the fastest growing school in the UW System, with current enrollment over 8,600 students and faculty/staff of over 750.  Known as the “Gateway of Southwest Wisconsin”, Platteville is located just 20 minutes northeast of Dubuque, Iowa, an hour west of Madison, Wisconsin, and three and a half hours northwest of Chicago, Illinois.

Anchor Tenant on Long Term Lease – Rent Growth – Minimal Landlord Responsibilities  – Anytime Fitness has nearly 7 years remaining on a 10-year lease as well as (2) remaining 5-year renewal options (exercised its first of 3 options in 2013). The lease features 2% annual rent increases through the Primary Term and Option Periods. Nail World has been performing well at this location, and features (1) 3-year renewal option with annual increases. Both leases are Absolute NNN leases, providing an investor with minimal landlord responsibilities.

Diverse Economy – 12% Growth from 2000-2010 – Largest City in Grant County  – Platteville has a diverse economy in the software/technology, healthcare, manufacturing, and education industries, with top employers such as UW Platteville, Heartland Health Care Nursing Home, Southwest Health Medical Center, Esterline Avista, HyPro, and Southwest Logistics. Its proximity to UW-Platteville has attributed to its 12% growth from 2000-2010, making it the largest city in Grant County with a population over 12,000.

 


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