Cap Rate: 7.0%
Blue West Capital is pleased to present the sale of an ALDI anchored multi-tenant retail property located in Hartford (Suburban Milwaukee),Wisconsin. The 34,577 square foot property is leased to national, e-commerce resistant, and essential tenants including ALDI, Dunkin’ Donuts (drive thru), H&R Block, Shopko, Papa Murphy’s, and others. This investment offers a future owner a passive, stable, and accretive cash flow for years to come.
Located just 37 miles northwest of downtown Milwaukee, Hartford is an affluent and growing suburb of Milwaukee. Within a five-mile radius, average household incomes are over $86,000, and population is expected to grow over 3.5% in the next five years. The Subject property offers excellent accessibility and visibility, as it is located right off Interstate 41, and along Highway 60 (E Sumner Street), which is the main thoroughfare in the market.
- Hartford Centre is an ALDI grocery-anchored shopping center. ALDI makes up 50% of the GLA and 50% of the income of the property. The subject ALDI recently renewed for ten years and plans to invest significant capital into a store renovation this year (2021), proving their commitment to the site.
- Essential and internet proof tenant line up. The center features ALDI Grocery, Dunkin’ (Drive-Thru), Papa Murphy’s, H&R Block, Shopko Tropical Tan, Ritz Nails, and Ichiban Sushi & Steakhouse. All tenants have remained current throughout the pandemic.
- Dunkin’ Donuts recently renewed for ten years and has a drive- thru.
- 91% of the tenant line-up exercised a renewal or signed a new long-term lease within the last year.
- The overall weighted average lease term is 7.5 years, and all of the in-place rents are below market. This provides the future owner with a stable and accretive investment opportunity.
- Limited Landlord responsibilities, every tenant, except Ritz Nails, is on a NNN lease.
Cap Rate: 7.0%
Building SF: 34,577 SF
Year Built: 2013 (ALDI) | 2007 (Shop Tenants)