84South Small Shops Flyer
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84SOUTH SMALL SHOPS 8775-8871 WEST SURA LANE GREENFIELD, WI 53228 84SOUTH INVESTMENT HIGHLIGHTS S U B J E C T O F F E R I N G id-America Real Estate-Wisconsin, LLC has been retained on behalf of the Mowner to sell the 100% fee simple interest in 84South Small Shops, a 100% leased necessity-based neighborhood center located along West Sura Lane and W Layton Ave in the southwest Milwaukee suburb of Greenfield, Wisconsin. The subject offering is an attractive real estate investment based on the following Location: 8775-8871 West Sura Lane Greenfield, WI 53228 GLA: 17,805 SF Acreage: 2.50 Acres Tenants: Grate Mac & Cheese, Men’s Hair House, Hand & Stone Massage and Facial Spa, MOD Pizza, FedEx Office, Cafe Zupas Shadow Anchor: 84South- 195,768 SF Occupancy: 100% Year Built: 2018 Parking Ratio: 8.87 per 1000 SF Traffic Counts: Layton Avenue – 14,900 VPD 2 84SOUTH KEY FEATURES SOLID MIDDLE INCOME DEMOGRAPHIC PROFILE – The surrounding area boasts a dense DEMOGRAPHIC PROFILE WITHIN A and established customer profile with over 98,614 residents located within a three-mile radius 5-MILE RADIUS: of the property. The average household income of $82,404 provides a stable customer base. Within five miles, the population increases to 266,601. EXCELLENT ACCESSIBILITY & HIGH TRAFFIC COUNTS – Situated on West Sura Lane in between Layton Avenue (14,900 VPD), South 84th Street (21,800 VPD), and Interstate 894 (138,000 VPD), 84South Small Shops benefits from excellent site lines and convenient access for customers. Interstate 894 is an auxiliary highway that runs concurrent with I-41 and I-43 and offers a full interchange with West Forest Home Avenue less than a half of a mile east of POPULATION AVERAGE HH INCOME the subject offering. 266,601 $79,951 MIXED USE CUSTOMER DRAW –The shopping center is shadow-anchored by Steinhafels, the fastest growing furniture and mattress retailer in Wisconsin. The mixed-use development also features a 150,000-square-foot Advocate Aurora health center and Forté, a 268-unit apartment complex, which further enhances foot-traffic at the shopping center. Mid-Box retailers such as Kohl’s, Total Wine & More, Fresh Thyme Market, Ross Dress for Less, Ulta, and Five Below help draw traffic to the shopping center as well. DOMINANT RETAIL MARKET – The subject offering is situated within the Southridge Mall trade HOUSING UNITS MEDIAN HOME VALUE area, a dominant regional corridor that serves Milwaukee’s southwest suburbs. The market 114,187 $188,678 features over 2.1 million square feet of retail including the largest mall in Wisconsin, Simon’s 1.2 million-square-foot Southridge Mall, which generates shop sales of over $450 per square foot. Major retailers in the trade area include TJ Maxx, Macy’s, Barnes & Noble, PetSmart, JCPenney, Walmart, Bed Bath & Beyond, Petco, and JoAnn Fabrics. DAYTIME POPULATION MEDIAN AGE 249,346 42.0 3 84SOUTH SITE AERIAL S. 84TH ST. INTERSTATE INTERSTATE 43 894 Forté at 84South 268 Residential Units LAYTON AVENUE 4 84SOUTH LOCATION & MARKET • 84 South Small Shops is located in Greenfield, Milwaukee County, Wisconsin, approximately eight miles southwest of downtown Milwaukee. Greenfield is home to approximately 37,000 residents. • Milwaukee’s economy is well diversified between numerous sectors including trade, transportation, and utilities; manufacturing; educational and health services; and professional and business services. The MSA is also home to the international headquarters of eight Fortune 500 companies: Fiserv, Harley-Davidson, Kohl’s, Manpower, Northwestern Mutual, Oshkosh, Rockwell Automation, and WEC Energy. • 84 South benefits from its proximate location adjacent to I-894, offering excellent visibility and convenient access. I-894, which runs concurrently with Interstates 43 and 41 in Greenfield, serves as a bypass of downtown Milwaukee, connecting with Interstate 94 west of downtown and the Mitchell Interchange south of downtown. The shopping center also fronts Layton Avenue (14,900 VPD), a major east-west corridor that runs just west of Greenfield to Lake Michigan at its eastern terminus. • Greenfield is less than 10 miles from the Milwaukee Mitchell International Airport (MKE). The airport serviced nearly 3.5 million scheduled passengers with over 93,500 scheduled operations in 2019. 5 84SOUTH PROJECT LOCATION The City of Greenfield is an established first-ring community located approximately five miles southwest of Downtown Milwaukee. Greenfield spans 11 ½ square miles and is divided by the I-94 bypass, which runs east/west through the middle of the city, allowing for easy commuting to Downtown Milwaukee and the western suburbs. Over 37,000 residents, consisting of 17,000 households, make the City of Greenfield their home and thus comprise Milwaukee County’s 4th largest community. The City of Greenfield is known for its central location, family- friendly neighborhoods, and a history of economic progress. Greenfield and the neighboring community of Greendale are host to the Southridge Mall Regional Trade Area which consists of approximately 2.6 million square feet of retail and restaurant space. Occupancy rates within the trade area are approximately 84%, and increase to 92% when you exclude the anchor vacancies at Southridge mall. The Southridge Mall Regional Trade Area benefits from the high concentration of residents whom enjoy sustainable and above average median household incomes, the proximity to the Interstate System, reliable and accessible public transportation, and connectivity vis the existing street grid to the southside suburbs of Milwaukee. Tapestry Segmentation categorizes the population of the City of Greenfield as “comfortable empty nesters.” Residents in this growing segment are older, with almost half of all households aged 55 or more; many still live in the community where they grew up. Most are professionals working in government, health care, or manufacturing. These Baby Boomers are earning a comfortable living and benefiting from years of prudent investing and saving, giving them a well above-average net worth. Many are enjoying the transition from child rearing to retirement. They value their health and financial well-being. 6 NORTH84SOUTH FACING AERIAL 8,000 14,300 INTERSTATE 140,000 43 INTERSTATE 894 121,000 130,000 24,800 S. 84TH ST. W. SURA LN. 27,000 14,900 23,900 W. LAYTON AVE. 25,100 16,300 S. 76TH ST. W. FOREST AVE. 6,300 26,900 7 84SOUTH DEMOGRAPHIC PROFILE The following table summarizes the solid middle-income growth demographic profile of the communities surrounding 84 South Small Shops: Distance from Subject: 1 mile 3 miles 5 miles 2021 Population 9,089 98,614 266,601 Forecasted 2026 Population 9,210 98,732 267,598 % Change 2021 to 2026 0.26% 0.02% 0.07% 2021 Households 4,532 44,282 114,186 Forecasted 2026 Households 4,591 44,313 114,521 % Change 2021 to 2026 0.26% 0.01% 0.06% 2021 Daytime Demographics 9,085 90,745 249,346 2021 Average Household Income $79,126 $82,404 $79,951 2021 Median Household Income $61,414 $64,784 $62,123 2021 Per Capita Income $38,291 $36,716 $34,105 2021 Median Age 51.4 44.5 42.0 PRICING 84South Small Shops offers a purchaser the opportunity to acquire a 100% leased necessity-based neighborhood center well-located along West Sura Lane in Greenfield, Wisconsin. In-Place Net Operating Income: $661,867 8 For more information, please contact: 600 North Plankinton Avenue Suite 301 Milwaukee, WI 53203 Direct: 414.273.4600 Dan Rosenfeld Principal Direct: 414.390.1402 [email protected] Laura Russell Investment Marketing Coordinator Direct: 414.390.1429 [email protected] This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies..