Offering Memorandum
The Offering
CBRE, as sole advisor to the owner of record, is pleased to offer for your investment consideration a 100% fee simple interest in the Columbia St. Mary’s Medical Plaza. The components offered here total 20,264 total square feet of space, anchored by Columbia St. Mary’s who occupies 78% of the plaza, along with 2 smaller retail tenants and a vacancy of 1,589 square feet, allowing some upside ability. The existing tenants all have significant term history within the property.
Investment Highlights
Columbia St. Mary’s, owned by Ascension, has been in the building since 1998 and recently signed another 7-year renewal with annual rent increases. The building is located at the intersection of West Capitol Drive (a major east-west commercial corridor which bisects the Milwaukee Metropolitan MSA) and North 108th Street (a major north-south commercial corridor), with approximately 40,000 cars per day passing the property. Following the acquisition of Columbia St. Mary’s by Ascension, many of the locations were consolidated, while this location’s lease term was extended. We are informed that Columbia St. Mary’s is planning on spending approximately $500,000 in additional improvements to their leased space, additionally expressing Ascensions long term interest in this location.
Pricing
| Purchase Price | $3,650,000 |
| Property Size | 20,264 SF |
| Exposure | 40,000 VPD |
| Cap Rate Year 1 | 8.30% |
| Anticipated 10 year IRR | 18.83% |
Contact information:
| Eric Rapp Investment & Institutional Properties +1.414.274.1611 Eric.rapp@cbre.com |
Peter Langhoff First Vice President +1.414.274.1600 Peter.langhoff@cbre.com |
Cody Marx Client Services Specialist +1.414.274.1636 Cody.Marx@cbre.com |
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