Southport & Indian Trail Plazas

Kenosha, Wisconsin

Southport & Indian Trail Plazas

6804 Green Bay Road
Kenosha, WI 53142

Offering Summary

  • Status: active
  • Price: $46,425,000
  • CAP Rate: 8.00%
  • GLA: 407,367 SF
  • Net Operating Income: $3,713,760
  • Price/SF: $113.96
  • Year(s) Built: 1996 & 2006
  • Lot Size (Acres): 45.16
  • Major Tenants: Kohl's, Hobby Lobby, Fresh Thyme Farmers Market, The Room Place, OfficeMax, Petco
  • 92.24% Occupied, 407,367 SF Regional Retail Destination Comprising Two Adjacent Shopping Centers in Kenosha, WI (Chicago MSA)
  • Anchored by Kohl’s (19.8% of GLA) on NNN Lease thru Jan 2030; In-Place Since 1994 with Recent 10-Year Extension
  • Kohl’s is Separately Parceled with Minimal LL Responsibilities; 10% Rent Bump in 2025 & Next Option with Nearest Kohl’s Locations a 20-Minute Drive North or South; Top Performing Location, Store Sales of $23M
  • Grocery-Anchored Component – Fresh Thyme on 10-Year NNN Lease thru Jan 2027, Meijer-Backed Chain with 73 Locations
  • 9 of the 10 Largest Tenants by GLA are Corporate Leases with National Chains; Top 10 Largest Tenants Comprise 69% of GLA (280,738 SF) and 61% of Gross Rent Revenue
  • Co-Anchors Include Hobby Lobby (Exp. Jan 2025) & The Room Place (Exp. Feb 2029), with Additional Junior Box Tenants OfficeMax, Petco, Fresenius Kidney Care, Party City, Dollar Tree & Five Below
  • Significant Upside Via Lease-Up – 7.76% Physical Vacancy Totaling 31,600 SF with 1 Junior Box Unit (10,400 SF) and 8 Small-Shop Units Ranging from 1,100 – 6,605 SF Each
  • 5 Outparcel Strips Consisting of 71,924 SF Included in Offering Investment Highlights
  • New 12.5-Year Lease with Fresenius on 14,890 SF at $16/SF NNN with 2% Annual Bumps & New 10-Year NNN Lease with Five Below on 9,981 SF
  • Projected 10-Year NOI CAGR of 3.16%
  • Tax Reassessment Risk is a Non-Issue – County Assessed Value Coincides with Offering Price
  • Party City on NNN Lease Since 2010; Recent Extensions Totaling 8.5 Years of Term Extend Lease thru July 2030
  • Offers 10.52% Cash-on-Cash Return and 18.36% 10-Year Leveraged IRR at Proposed 60% LTV Financing
  • Heavily Trafficked Location with 71,700 VPD at the Major Intersection of Green Bay Rd & 75th Street; Each Street Sees Over 35,000 VPD
  • Dominant Regional Shopping Center Serving the Kenosha Trade Area (Approx. 150,000 Trade Area Population) with Major Neighboring Traffic Drivers Including Menards, Meijer, Lowe’s, Burlington, Marshalls, Cinemark, Pick ‘n Save, Costco, Target, Dick’s, JCPenney & More
  • Dense Middle to Upper-Income Demographics: 68,472 Residents in 3-Mi & 120,686 Residents in 5-Mi, AHHI of $79K – $87K within 1-, 3- & 5-Mi Radii
  • Kenosha, WI – 35-Mi South of Downtown Milwaukee & 50-Mi North of Downtown Chicago; Part of the Chicago MSA with a Population of 9.46 Million
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director