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Fleet Farm & Chase Bank - Milwaukee MSA - 15.6 years on lease

$33,000,000

18250 County Line Road, Milwaukee, WI 53022

Active
Last Updated: 05/20/2026

6.45

Cap Rate

2,131,172

NOI

Details:
Cap Rate:    6.45%
NOI:    $2,131,172
Building Size:    181,048 sqft
Lot Area:    17.83 acres
Lease Type:    Absolute Net
Class:    A
Occupancy:    100%
Zoning:    C2
Price Per Sqft:    $182.27
Year Built:    1971
Tenancy:    Multiple
Opportunity Zone:    No
Parking Spots:    500
Year Last Renovated:    2025
Gross Leaseable Area:    181,048
Construction Status:    Brand New Chase Bank Outlot
Parking Ratio:    51000
Floor:    1
CeilingHeight:    20
Investment Strategy:    Core
Lease Expire Year:    01/01/2056
Highlights:
  • Brand New Chase Bank - Double Drive Thru
  • Established Customer Base since 1955
  • Fleet Farm annual sales in excess of $1B
  • Gas Station, Full Auto Repair, Car Wash, Equipment Rental
  • CostCo style retailer
  • Wholesale member club, Fleet Farm Established loyalty
Description:

• Tenant: Fleet Farm, established 1955. 56-year occupancy history. Landmark Midwest retailer.
• Scale: 50+ locations. 18-acre contiguous parcel.
• Financials: $1.6 Billion annual sales. 10% YoY sales growth. 12% projected growth for year-end 2026.
• Fintech: Co-branded "Fleet Rewards Visa" program since 2001.

Credit & Lease Structure
• Parent Ownership: Golub Capital (NASDAQ: GBDC) with $150+ Billion AUM.
• Out-Lot Tenant: Brand new construction Chase Bank. Backed by JPMorgan Chase with $4.4 Trillion in assets.
• Lease Terms: 16 years remaining. Absolute NNN lease. 2% annual escalations.

Real Estate & Corridor Dynamics
• Location: Corner of County Line Rd. and Appleton Ave. 10 minutes to downtown Milwaukee.
• Traffic: 78,000 cars per day.
• Site Validation: Chase Bank targeted this corner for over 2 years prior to development.
• Synergy: Immediate neighbors include Walmart, Menards, Kohl's, and Hobby Lobby.

Department & Brand Mix
• Automotive & Tires: Gas station, fuel center, multi-bay repair shop, oil changes, equipment rentals. Tire brands: Michelin, Cooper Tires, Goodyear, BFGoodrich, and Road Runner.
• Workwear & Apparel: Clothing and footwear hub. Apparel brands: Carhartt, Dickies, Levi's, Wrangler, Columbia, Under Armour, and Field & Forest. Footwear brands: Thorogood, Ariat, Timberland PRO, KEEN Utility, Wolverine, Danner, Muck Boot, and Skechers.
• Hardware & Tools: Doors, windows, flooring, and cabinets. Tool and machinery brands: Milwaukee Tool, DeWalt, Makita, Bosch, Craftsman, Husqvarna, Cub Cadet, and Toro.
• Agri-Supply & Feed: Light-duty farm equipment. Machinery brands: King Kutter, Tar River, and Fields Edge. Animal feed brands: Purina, Nutrena, and Country Feeds. Fertilizer brands: Scotts, Miracle-Gro, and Milorganite.
• Sporting Goods: Hunting rifles, shotguns, ammunition, hunting equipment, and fishing gear.
• Consumer Essentials: Grocery, pharmacy, cosmetics, jewelry, nursery, pet supplies, pet food, and pet vaccinations.

Moat & Sponsorships
• Slogan: & quote: "If we don't have it, you don't need it"
• Alignments: Official sponsor of the Green Bay Packers and Milwaukee Brewers. Features a dedicated stadium entrance and exclusive Stadium Club at Lambeau Field.

Map:
Documents:
Title
Fleet Farm Chase Bank Milwaukee OM 1.04.pdf
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Location
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