Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 4,878 SF, 100% occupied, 2-tenant retail strip investment property located in Glendale, WI (Milwaukee MSA). The strip features a strong lineup of e-commerce resistant food and service-based tenants of First Citizens Bank and Crumbl Cookies. The leases feature scheduled rental increases at the beginning of their option period, growing NOI and hedging against inflation. Both tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor. Additionally, First Citizens Bank is equipped with an end-cap drive-thru, which provides ease and convenience for customers. According to the FDIC, First Citizens has more than $70.8M in deposits as of June 30, 2023.

The strip center is strategically located 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. The subject is ideally situated within Bayshore, a 1.27M+ SF Mixed Use Center also occupied by Target, 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 Shopping Centers in the country with over 5.5M annual visits, ranking in the 97th percentile nationwide (January 2023 – December 2023, per Placer.ai). The nearby national/credit tenants include 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.

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