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Fleet Farm, Eau Claire, WI

Fleet Farm

Eau Claire, WI

Price $32,000,000
Cap Rate 6.75%
NOI $2,160,000
Lease Term 20 Years
Lease Type NNN, with Tenant Responsible for All Costs, Excluding Structural Repairs
Rental Increases 5% Rental Increases Every Five (5) Years
Year Built 2018
Building Size 218,628 SF Retail Store and 4,905 SF Gas Station
Lot Size 30.64 Acres (1,334,896 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Wisconsin-licensed real estate broker Key Commercial Real Estate, LLC.

Investment Highlights

NEW 20-YEAR NNN LEASE
» 20-year initial term, plus eight five-year options
» Owned and operated by KKR, which has an estimated $191.3B in assets under management
» KKR Purchased Fleet Farm in 2016 for an estimated $1.2B
» 5% rental increases every five years, providing a hedge against inflation
» New 2018 construction, featuring a large retail store and garden center, as well as a gas station, car wash, automotive service center, and convenience store

HIGH-TRAFFIC LOCATION IN MAJOR RETAIL SUBMARKET
» Located at the intersection of Interstate 94 and Highway 93, with excellent visibility and access to 39,000 vehicles per day
» Located within the dense retail area surrounding Oakwood Mall, which is one of the busiest retail and commercial areas in Eau Claire
» Near Oakwood Mall, the largest retail shopping center in western Wisconsin, with an estimated 9 million to 10 million visitors annually
» Close proximity to a number of large shopping centers and major national retailers, including Target, Menards, Walmart Supercenter, Best Buy, Sam’s Club, Kohl’s, and several car dealerships

CLOSE PROXIMITY TO IMPORTANT COMMUNITY AMENITIES
» Less than four miles from downtown Eau Claire
» Directly across from the Eau Claire County Exposition Center, which features 12,616 square feet of indoor event space, three exhibit barns, a concession stand, and picnic pavilion, all nestled on over 20 acres of land
» Minutes from several schools, including South Middle School (802 students), Memorial High School (1,739 students), and the University of Wisconsin–Eau Claire, which has a total enrollment of 11,046 students

STRONG EAU CLAIRE MARKET
» Eau Claire is a bustling regional center for retail, education, recreation, medicine, and research
» Eau Claire’s purchasing power has increased 35% in the past decade, giving Eau Claire the highest purchasing power in Wisconsin

Click Here to Download Offering Memorandum


Property Description

The property is strategically located at the intersection of Interstate 94 and Highway 93, with excellent visibility and access to 39,000 vehicles per day. The property is located within the dense retail area surrounding Oakwood Mall. One of the busiest retail and commercial areas in Eau Claire, the area features a number of large shopping centers and major national retailers, including Target, Menards, Walmart Supercenter, Best Buy, Sam’s Club, Kohl’s, and several car dealerships. The Eau Claire area is considered a regional retail center thanks to the Oakwood Mall, which features wellknown tenants like JCPenney, Sears, Express, GameStop, Kay Jewelers, Ulta Beauty, Old Navy, and a 12-screen AMC Theatres movie theatre. Oakwood Mall is the largest retail shopping center in western Wisconsin and gets an estimated 9 million to 10 million visitors annually.

The property is located less than four miles from downtown Eau Claire and is near a number of important community amenities. The property is directly across from the Eau Claire County Exposition Center, which features 12,616 square feet of indoor event space, three exhibit barns, a concession stand, and picnic pavilion, all nestled on over 20 acres of land. Directly adjacent to Eau Claire County Exposition Center is Lowes Creek County Park, a 250-acre park providing a variety of hiking, skiing, and biking trails, as well as a fishing stream and picnic area. Several schools are located just minutes from the property, including South Middle School (802 students), Memorial High School (1,739 students), and the University of Wisconsin–Eau Claire, which has a total enrollment of 11,046 students.

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