2960-2990 Chase Ave 29,491 SF 95% Leased Retail Building Milwaukee, WI 53207 $6,384,938 CAD ($216.50 CAD/SF) 8.25% Cap Rate

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Chase Avenue Plaza located at 2960-2990 Chase Avenue in Milwaukee, Wisconsin. The 29,491 SF multi-tenant center is 95% occupied and sits on 2.64 acres of land. The center is anchored by CSL Plasma and also benefits from traffic driven by an adjacent Target. A new roof, which has a 20-year warranty, was added to the property in 2022.
The rent roll consists of eight tenants from a wide range of complimentary sectors and includes a vacant end cap. CSL Plasma, which takes up 40% of the GLA, has over 300 worldwide locations and is a wholly-owned subsidiary of CLS Limited, an investment-grade (A-,S&P) global biotech firm. CSL has seven years of firm term remaining and adds a stable base to a rent roll with a WALT of nearly 7 years. The average rent for the center stands at $13.73, nearly 10% lower than the average rent for multi-tenant centers within a 1.5 mile radius.
The site is strategically situated between a hard corner to the south and Target to the north of the center. This Target store is an above-average performer in the state and drives 1.5 million visits annually to the center. Additional traffic drivers include Piggly Wiggly, which is a top 30% store in the state; Home Depot, which is #1 out of 27 locations in the state; and Pick 'n Save, which is the #1 store in the nation. These remarkably strong traffic drivers along with the site's proximity to I-94 (132,000 VPD) provide access and visibility to Milwaukee's affluent consumer base.