Southland Shopping Center | Located Across from Regency Mall
Racine, WI
Price: $13,265,000Cap Rate: 7.77%Building SF: 88,821 SFLot Size: 11.23 AcresYear Built: 2000Status: Available

Investment Highlights: 

High Visibility Center Leased to Desirable National Tenants: Dick’s Sporting Goods, Best Buy, Barnes & Noble – The subject property is an 88,821-square-foot building that is 100% leased to national tenants Barnes & Noble, Dick’s Sporting Goods, and Best Buy. Dick’s Sporting Goods is the largest U.S.-based full-line omni-channel sporting goods retailer with 716 locations across the United States. Best Buy is a leading provider of technology products, services and solutions, operating more than 1,000 large-format stores in the U.S., Canada and Mexico generating revenues of more than $42 billion in fiscal 2018. Barnes & Noble is a Fortune 500 company and one of the nation’s larges booksellers. They currently operate 633 bookstores across all 50 states.

Across from the Regency Mall, a 810,000-Square Foot Regional Shopping Center – Undergoing a $7.5 Million Renovation – Southland Center is located across from the Regency Mall, an 810,000-square foot super-regional shopping center with major tenants Burlington, Dunham’s Sports, Ross, Party City, and JoAnn Fabrics, and co-tenants Target, Pier 1 Imports, Starbucks, Olive Garden, Applebee’s, Buffalo Wild Wings, and more. The Regency Mall is undergoing a $7.5 million renovation to the interior and exterior, with future plans to focus on new tenant build-outs, proposed co-investments and incentives for current retailers to improve their spaces, and seeking out new quality tenants to move into the mall. These improvements could set the mall up for larger outparcel development opportunities including new restaurant pads and a 160-unit housing complex. (See page 32 in OM for details.)

Value Add Opportunity – Potential to Add Outparcels to the Site – Developable Land Along the Rear of Property – Based on recent conversations with the City Planner, the Village of Mount Pleasant is open to working with a future investor on adding outparcels that front South Green Bay Rd. Seller has confirmed recent tenant interest. Additionally there is approximately 70,500 square feet of developable land along the rear of the property. **Contact Broker for details.  

Located Near the Site of Foxconn Technology Group’s New $10 Billion Manufacturing Plant – In October 2017, Foxconn Technology Group (www.foxconn.com) agreed to build a new $10 billion flat screen tv manufacturing plant in Mount Pleasant, Wisconsin. The envisioned factory, expected to open in 2020, would be 20 million square feet on a campus that spans 156-square-miles in what Walker is calling the “Wisconn Valley.” It would initially employ 3,000 people, but the deal calls for that to grow to 13,000 within six years.

Located Near Hard Corner Signalized Intersection – High Traffic Counts (62,000+ CPD) – Excellent Visibility – Multiple Access Points – The center is strategically located near the signalized hard corner intersection of S. Green Bay Rd and Durand Ave, offering visibility and signage to a combined 62,000+ vehicles per day. The property offers drive around truck access as well as multiple in/out entrances to the center.

Located in the City of Racine – Proximity to Milwaukee – Strong Manufacturing Economy – The center is located in the City of Racine, the fifth-largest city in Wisconsin. Located along the shores of Lake Michigan just 22 miles south of Milwaukee, Racine is the home of internationally respected companies, a vibrant and lively downtown and revitalizing neighborhoods. In January 2017, it was rated “the most affordable place to live in the world” by the Demographia International Housing Affordability survey.  Manufacturing is a major economic driver in the region which is home of internationally respected companies such as S.C. Johnson & Sons Inc., Emerson Electric Co, Modine Manufacturing Company, InSinkerator, and Bombardier Motor Corp.


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