BMO Harris Bank | 2% Annual Rent Increases | 13 Years of Lease Term
3637 W Fond Du Lac Milwaukee, WI
Price: $1,957,000
Status: Sold
Cap Rate: 5.50%
Year Built: 2017
NOI: $107,653
Lot Size: 0.28 acres
Price Per Foot: $883.12
Lease Type: Absolute Triple-Net (NNN)
Remaining Term: 13 Years
GLA: 2,216 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a BMO Harris Bank property located in Sherman Park Neighborhood of Milwaukee, WI. Built in 2017, the Property consists of a 2,216-square-foot retail building with a drive-thru teller lane that sits on an approximately 12,209-square-foot parcel.
investment highlights
- INVESTMENT GRADE CREDIT TENANT: BMO HARRIS BANK (S&P: A+) • 8TH LARGEST BANK IN NORTH AMERICA
- The subject property is leased to BMO Harris Bank. Established in 1882 as Harris Bank, and owned by BMO Financial Group (TSX, NYSE: BMO) since 1984, BMO Harris Bank has grown to become one of the largest banks in the Midwest serving personal, commercial and affluent customers. BMO is the eighth largest bank in North America by assets, with total assets of $710 billion and provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers (see page 18).
- BMO’S “SMART BRANCH” CONCEPT • FIRST “SMART BRANCH” LOCATION IN THE STATE OF WISCONSIN
- BMO’s “Smart Branch” concept – the first such branch in Wisconsin – provides customers with a new and engaging environment that brings together high-tech convenience and personal service to customers such as video conferencing, smart ATMs, laptops & tablets, and free WiFi, in a unique, open building format tailored to fit customer’s evolving needs (see page 19).
- 2% ANNUAL RENT INCREASES • 13 YEARS REMAINING ON ABSOLUTE NNN LEASE • EARLY 5 YEAR LEASE EXTENSION • RELOCATION SITE • BUILD TO SUIT CONSTRUCTION
- The new absolute NNN lease has 13 years remaining on its Absolute NNN Lease and features 2% annual rent increases, providing an investor with a creditworthy passive investment with aggressive rent growth. BMO signed an early 5-year lease extension in September, 2021 showing a commitment to this site. The subject property is a new build-to-suit and a relocation site for BMO Harris Bank, built in late 2017. It sits across the street from a former site where BMO (formerly M&I Bank) conducted business for nearly 60+ years, continuing BMO’s long-term community partnership with the Sherman Park neighborhood.
- LOCATED 60+ YEARS IN THE SHERMAN PARK NEIGHBORHOOD ALONG W. FOND DU LAC (24,000+ CPD) • MAJOR TRAVEL CORRIDOR • MULTIPLE ACCESS POINTS
- The subject property is located within the Milwaukee neighborhood of Sherman Park along W. Fond Du Lac Avenue. This corridor is the main traffic corridor, offering excellent visibility and signage to over 24,000 cars per day. Additionally, the property is located on the hard corner intersection of W. Fond Du Lac Ave and N. 37th St, a location that offers multiple access points into the property for easy in/out entry to the property.
- DENSE INFILL LOCATION • OUTSTANDING SURROUNDING DEMOGRAPHICS
- The dense infill site offers outstanding demographics, with over 235,000 people living within a 5-mile radius of the subject property with an average household income of $51,427, lending well to the tenant’s concept and supporting its continued success.
- LOCATED IN MILWAUKEE • LARGEST CITY IN WISCONSIN • NEW CONSTRUCTION BOOM
- The subject property is located in Milwaukee, WI. Milwaukee is the largest city in the state of Wisconsin with an estimated population in 2017 of 595,351, and the fifth-largest city in the Midwestern United States. It is located on Lake Michigan’s western shore. Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area. Milwaukee is the second-most densely populated metropolitan area in the Midwest, surpassed only by Chicago. The city is undergoing its largest construction boom since the 1960s. Major new additions to the city in the past two decades include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an expansion to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW-Milwaukee Panther Arena.
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