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Views: 13 DOM: 57 Updated: 04.22.24 Posted: 03.21.24 Status: Active

Summary

Price $8,844,400
Built/Renov 2009
Tenant Pick 'n Save
Cap Rate 7.60%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 48,403
Lease Start 06-20-2009
#Units 93
Price/SF $182.72
Expiration 12-31-2029
Tenant Type Grocery
NOI $672,171
R. Term 5.7
Ownership Fee Simple
Rent/SF $13.89
Increases 15.0%/5/yrs
Pop 5Mi 21,599
Lot/AC 5.66
Options 4/5yrs/7.5%
AHHI 5Mi $109,367

Lease Highlights

  • Pick 'n Save has been operating in this location since 2009
  • The tenant has 5+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features a 15% rental escalation at the start of the first option, 7.5% at the start of each remaining option
  • Corporate guarantee | Investment grade tenant

Location Description

Pick 'n Save is strategically located on Milwaukee Avenue, within a primary retail and commercial corridor with access to 15,600 vehicles passing by daily. The immediate area is surrounded by well-known national tenants including Walmart Supercenter, ALDI, Menards, Walgreens, Dollar Tree, Family Dollar, and more. Additionally, the property is within close proximity to several of the area’s...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Pick 'n Save
  • Guarantor:Corp T and Rated
  • Company:The Kroger Company
  • # Units:93
  • Tenant S&P: BBB
  • Moody’s: Baa1
  • Stock: NYSE: KR

About Tenant

Pick’n Save is a regional grocery store chain serving the Wisconsin market. The company offers fresh meats, bakery, produce, deli, and grocery items. The first Pick’n Save opened its doors in 1975...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,159 14,821 21,137
2023 Total Population : 4,228 15,157 21,599
2023 Employed Civilian Pop : 2,200 7,874 11,313
2023 Total Businesses : 320 689 841
2023 Average Household Income : $ 99,086 $ 108,377 $ 109,367
2023 Total Consumer Spending : $ 155 M $ 583 M $ 829 M
2023 Median Age : 40 42 43
2023 Total Households : 1,806 6,248 8,829
2023 Pop Age 25+: Bachelor's Degree : 568 2,065 3,072
2023 Average Home Value : $ 349,342 $ 338,495 $ 350,679
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Milwaukee Ave Terry Ln 2017 17,400 0.23 mi
Falcon Ridge Drive Milwaukee Ave 2021 930 0.31 mi
Milwaukee Ave Maryland Ave 2005 17,600 0.39 mi
Grove St Crestwood Dr 2005 3,100 0.53 mi
Milwaukee Avenue Grove St 2021 18,900 0.55 mi
E State St Browns Lake Dr 2017 9,500 0.67 mi
Bridge St Fox St 2017 8,100 0.69 mi
E Jefferson St N Main St 2017 4,300 0.70 mi
N Main St E Jefferson St 2017 2,300 0.70 mi
Bridge Street E Chestnut St 2021 7,500 0.73 mi

Listing Broker

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