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Whole Foods, Milwaukee, WI

Whole Foods

Price $25,843,000
Cap Rate 5.00% return
NOI $1,292,112
Lease Term 25 Years
Lease Type Net, with tenant responsible for taxes, insurance, and maintenance, excluding roof and structure
Rental Increases Rental increases in the initial term are the lesser of ten percent (10%) or the percent of increase in the CPI during the prior five (5) lease years. During the extension terms, base rent is increased by twelve percent (12%) in each extension.
Year Built 2006
Building Size 53,875 SF
Lot Size 0.83 Acres (36,159 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

KC Patterson
Associate
925.627.2885
kc.patterson@cushwake.com
CA RE License #02034317

Investment Highlights

LONG-TERM LEASE TO INVESTMENT GRADE TENANT
» Long-term net lease with 12 years remaining in the initial term, plus six five-year options
» Rental increases in the initial term are the lesser of 10% or the percent of increase in the CPI during the prior five lease years, and rental increases in the extension terms are 12% at the start of each extension
» Strong operating history since 2006, demonstrating long-term commitment
» Whole Foods is owned by Amazon, ranked fifth on the Fortune 500
» Whole Foods Market has an “A+” credit rating from Standard & Poor’s

GROUND FLOOR RETAIL IN DEEPLY ROOTED MEDICAL COMPLEX
» Located on the ground floor of Prospect Medical Commons, one of two large medical clinics on the Lake Drive Campus of Ascension Columbia St. Mary’s Milwaukee Hospital (CSMM)
» The Lake Drive Campus of CCSM is made up of two hospitals, the Main Hospital and Women’s Medical Center, and two large clinics, Prospect Medical Commons and Water Tower Medical Commons
» CCSM has an average of 250 inpatients on any given day and is licensed for more than 400 beds
» More than $23.2 million in upgrades and improvements have been made to the hospital’s facilities since 2017
» The hospital is seeking to become a tertiary center, a designation given to major hospitals capable of handling the most advanced medical cases, and if the property ever became available would likely be looking to expand to the base level of building

ROBUST NEIGHBORHOOD WITH STRONG CUSTOMER BASE
» Prime location in Milwaukee’s trendy East Side neighborhood attracting customers from a wide area including Whitefish Bay on the affluent north side of Milwaukee
» The East Side encompasses residences, bars, shops, art theaters, live music clubs, and the University of Wisconsin–Milwaukee campus
» Considered to be a cultural and trend-setting center of the city since at least the 1960s, the East Side is Milwaukee’s melting pot, with a mix of hipsters, hippies, college students, and professionals
» Located in a densely populated area, with 30,401 residents living within a one-mile radius and 331,731 people living within five miles
» The surrounding area’s population increases during business hours, with 132,373 daytime employees working within three miles of the property

EXCELLENT ON-SITE AMENITIES
» The property is the only Whole Foods Market in the city of Milwaukee
» Ample free parking in on-site garage
» Full-service store offering the largest selection of freshly prepared foods in Milwaukee, including more than 30 feet of ready-to-eat salad and hot food bars



Property Description

The property is strategically located at the signalized hard corner of East North Avenue and North Prospect Avenue, with excellent visibility and access to 30,500 vehicles per day. The property occupies the ground floor of well-established Prospect Medical Commons, one of two large medical clinics on the Lake Drive Campus of Ascension Columbia St. Mary’s Milwaukee Hospital (CSMM). The Lake Drive Campus of CCSM is made up of two hospitals, the Main Hospital and Women’s Medical Center, and two large clinics, Prospect Medical Commons and Water Tower Medical Commons. The hospital has an average of 250 inpatients on any given day and is in the midst of a multi-year process of becoming a tertiary center, a designation given to major hospitals capable of handling the most advanced and specialized medical cases. That process has involved recruiting new physicians and making capital investments in the facilities, including
more than $23.2 million to date in upgrades and improvements.

The property benefits from its prime location in Milwaukee’s East Side neighborhood, drawing in a large, affluent customer base from a wide area. Located just north of Milwaukee’s downtown and bordered by the Milwaukee River to the west and Lake Michigan to the east, the East Side encompasses residences, bars, shops, art theaters, live music clubs, and the University of Wisconsin–Milwaukee campus. Considered to be a cultural and trend-setting center of the city since at least the 1960s, the East Side is Milwaukee’s melting pot, with a mix of hipsters, hippies, college students, and young professionals converging in the area’s diverse restaurants, bars, and stores. The densely populated neighborhood provides an ideal customer base for Whole Foods Market, with 30,401 residents living within a one mile radius and 331,731 people living within five miles. Additionally, the property is located near Milwaukee’s central business district and some of the region’s largest employers. As a result, the surrounding area’s population increases during business hours, with 132,373 daytime employees working within three miles of the property.

Contact Us About This Property



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