Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate signed, investment grade (S&P: A), Target investment property located in Glendale, WI (Milwaukee MSA). The tenant has over 11 years of firm term remaining with an additional 10 (5-year) option periods left to extend. The lease features scheduled 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is signed by the corporate entity (S&P: A | NYSE: TGT), and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. The subject property affords an investor the rare opportunity to acquire a generational legacy asset leased to one of the premier retailers in the world, with unmatched underlying intangibles, while further mitigating risk with far-below market rent and an acquisition price substantially below replacement cost.

Target is ideally situated near the signalized, hard corner intersection of Silver Springs Drive and Port Washington Road, averaging a combined 62,300 vehicles passing by daily. The asset also fronts Interstate 43 (110,000 VPD), a major commuter route providing direct access into Downtown Milwaukee. Target serves as an anchor
to Bayshore, a 1.27M+ SF Mixed Use Center also occupied by Kohl’s (shadow), ACX Entertainment, Barnes & Noble, Trader Joe’s, Old Navy, Apple, Total Wine, The Cheesecake Factory, and others. Bayshore is among the most visited centers in the country with over 5.5M annual visits, ranking in the 97th percentile nationwide
(January 2023 - December 2023, per Placer.ai). The asset is ideally situated within a dense trade area with numerous nearby national/credit tenants including The Home Depot, Starbucks, Sendik’s Food Market, Panera Bread, and others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is near numerous single-family communities and multi-family complexes including Bayshore Place (113 units), The Lydell (311 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 274,500 residents and 110,800 daytime employees. Residents within 1 mile of the site boast an affluent average household income of $174,999.

---