Janesville Shops
3360 Milton Avenue Janesville, WI 53545 (Madison MSA)
Price: $4,150,000
Status: Sold
Cap Rate: Contact Broker
Year Built: 2018
NOI: $298,270
Lot Size: 1.11 acres
Price Per Foot: $526
Lease Type: NNN
Remaining Term: 8 years
GLA: 8100 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase the Janesville Shops, a multi-tenant retail strip center located in Janesville, Wisconsin (the “Property”). The subject property is located approximately 40 miles southeast of Madison.
Newly completed in early 2019, the Property is a multi-tenant property that totals approximately 8,100 square feet and sits on an approximately 1.109-acre parcel. The property greatly benefits from its visibility and frontage along Milton Avenue/Highway 26, offering outstanding visibility and signage to 32,000 cars per day. Additionally, the property is strategically located near the intersection of Highway 14, and 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.
investment highlights
- 100% LEASED 3-TENANT SHOPPING 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.
- Kay Jewelers is owned by parent company, Signet Jewelers Limited. Signet is the world’s largest retailer of diamond jewelry, operating over 3,500 stores in the US, UK and Canada under the names of KAY Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda and JamesAllen.com.
- 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 eye-care locations, according to Vision Monday’s Top 50 U.S. Optical Retailers report.
- MOD Pizza is a fast casual pizza chain and the fastest growing restaurant chain in 2017, according to Nation’s Restaurant News Top 200. Founded in Seattle, Washington, in 2008, MOD has 420 locations in the United States and United Kingdom.
- OUT PARCEL TO FESTIVAL FOODS ANCHORED SHOPPING CENTER • ONE BLOCK FROM INTERSTATE 90 ON/OFF RAMP (55,000 CPD) • VISIBILITY & FRONTAGE ALONG MILTON AVE (32,000 CPD)
- The subject property ideally sits as an out-parcel 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).
- 2019 CONSTRUCTION • NEW 10 YEAR NNN LEASES • MINIMAL LANDLORD RESPONSIBILITIES • PASSIVE INCOME FROM CORPORATE CREDIT
- Built in early 2019, all three tenants commenced new 10-year NNN leases 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 • MAJOR TRAFFIC CORRIDOR AT CONVERGENCE OF 3 MAJOR HIGHWAYS • KEY TRAFFIC DRIVERS FROM NEIGHBORING TENANTS TARGET, HOBBY LOBBY & BLAIN’S FARM & FLEET
- The property is strategically located near the intersection of Highway 26 & Highway 14, just 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 CITY OF JANESVILLE (MADISON MSA) • FAR REACHING LABOR POOL • HOME TO 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.
- Janesville’s location at the congruence of these major highways offers the city a large labor pool that extends to Madison; south of Rockford, IL; west to almost the Iowa state line; and east to Waukesha, Racine and Kenosha. 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, Woodman’s Food Market, Swing’n’Slide, Hufcor, and Gray’s Brewing.
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