Belknap Street Superior, WI Belknap Plaza Incredible Investment Opportunity in Superior, WI

Transcription

1 Belknap Plaza Incredible Investment Opportunity in Superior, WI Brisky Commercial Real Estate Serving Wisconsin & Minnesota Office: Brian Brisky Broker in Wisconsin & Minnesota Cell:

2 Table of Contents Property Summary 3 Highlights 4 Property Overview 5 & 6 Tenants 7 Aerial Photo 8 & 9 Property Photos 10 Property Layout 11 Location 12 Area Overview Market Information 14 Regional & Local Market Trends 15 Demographics 2

3 Highlights Sale Price: $4,000,000 Tremendous Upside Several National Tenants Already in Place 3 Mile Population of 23,183 3 Mile Average Household Income $55,498 Superior ranked #45 out of 1,300 of the country's "Best Small Cities." 3

4 Property Overview Overview A rare opportunity to own one of the finest retail properties in the Twin Ports. Solid performer with an outstanding mix of national and regional tenants. Huge capital improvements were made over the past 10 years making this center impressive and worthy of attracting great tenants for years to come. Huge parcel has added development opportunities and bonus freestanding building. Adjacent to Superior s thriving East End neighborhood and University of Wisconsin Superior. Minimal vacancy, coupled with tremendous upside. With so much recent business growth in Superior, the timing here could not be better! Property Highlights Great exposure on Belknap Street Daily Traffic Counts 16,000+ Prime Location Near Several Retailers Ample Parking Property Summary Total Square Footage: 62,200 Year Built / Renovated: 1965 / 2005 Lot: Acres Price: $4,000,000 Cap Rate: 9%+ Average Rent Per Square Foot: $ CAM Parking Spaces: 186 4

5 Belknap Plaza Tenants Subway* Doctor's Associates operates the Subway chain of sandwich shops, the second largest chain behind McDonald's. It boasts more than 22,000 locations in 79 countries, with more US locations than the Golden Arches. Subway restaurants offer such fare as hot and cold sandwiches, turkey wraps, and salads. The company is owned by co-founders Fred Deuce and Peter Buck, who opened the first Subway in Mattevi Martial Arts** The Martial Arts Academy began with the premise that the knowledge and physical disciplines handed down through centuries of masters can directly enhance the quality of life in this day. Family Dollar* Family Dollar is one of the fastest growing discount store chains in the United States. During the last ten years more than 4,000 new stores have been added to the chain. The merchandising strategy that drives this growth provides customers with good values on basic merchandise for the family and home in a small-box, neighborhood format. Most merchandise is priced under $ Belknap Plaza Beauty Salon*** At Belknap Plaza Beauty Salon in Superior, WI you will find highly trained, professionals who will help you find the look that is right for your personality and lifestyle. The Belknap Plaza Beauty Salon hairdressers professionals is trained to collectively meet your service needs: hair coloring, haircutting, hair care, hair styling & more. Little Caesars Pizza* Little Caesars Pizza is the world's largest carryout pizza chain and is aggressively growing new restaurants throughout the United States. The company was founded in suburban Detroit in 1959 and has locations on five continents. It maintains a strong focus on value, great tasting pizza, and convenience. The beloved "Little Caesar" character is one of the most recognized icons in foodservice history. 5

6 Belknap Plaza Tenants O Reilly Auto Parts* O'Reilly Automotive intends to be the dominant supplier of auto parts in our market areas by offering our retail customers, professional installers, and jobbers the best combination of price and quality provided with the highest possible service level. Play It Again Sports* For over 20 years, Play It Again Sports has been the preferred store of value-conscious consumers because we buy, sell and trade used and new sports equipment and gear. Because our customers can sell or trade in their quality used sports gear for cash or store credit, they are able to get deeper discounts and better prices on really great used and new equipment. Our stores are individually owned and operated by moms and dads just like you who understand money does not grow on trees. Belknap Liquor & Lounge** Jerry Jaques started as a laborer in the Twin Ports shortly after returning from military service in the mid 1950 s. He operated his first café and bar in the mid 1960 s and eventually purchased the Belknap Plaza in the early 1980 s. After many changes and remodeling projects at the Plaza, his business, which he started with little money but lots of determination, continued the family tradition of providing excellent service and quality products at a reasonable price. This dedication was passed down to his children who are also committed to customers of Belknap Liquor & Lounge who they continue to serve today. *Company Bio from CoStar. **Company Bio from company website. ***Company Bio from SalonSeeker.com 6

7 Aerial Photo Possible Redevelopment Area 7

8 Property Photos 8

9 Property Photos 9

10 Property Layout Belknap Plaza Tenants 1. Subway 2. Mattevi Martial Arts 3. Family Dollar 4. Belknap Plaza Beauty Salon 5. Little Caesars Pizza 6 & 7. O Reilly Auto Parts 8. Play It Again Sports 9. Empty 10 & 11. Belknap Liquor & Lounge 12. Super One / Empty 13. Empty 14. Possible Expansion 10

11 Location Belknap Plaza 11

12 Area Overview Daily Traffic Count 16,

13 Market Information 14 Regional and Local Market Trends 15 Demographics 13

14 Market Trends Superior, Wisconsin Superior, WI and Duluth, MN also known as the Twin Ports, are located on the Westernmost tip of Lake Superior. In addition to being an international shipping hub, the Twin Ports boasts a wide array of industry and manufacturing, educational institutions, and tourists attractions. Superior is poised to see vast amounts of economic growth, including many new employers announcing expansion in the area. Regional and Local Market Trends Together with its neighbor Duluth, Minnesota, it is home to the largest port on the Great Lakes and the largest seasonal port in the world. Superior's location at the head of Lake Superior and direct connections to Interstate 35 and U.S. Highway 53 make it a transportation hub with multiple trucking, rail and pipeline options. The transportation industry accounts for more than 1,000 jobs. The Duluth Superior port, the largest in the Great Lakes, welcomes both domestic and foreign vessels. There are more than 900 manufacturers in the Northland. Growing area manufacturers include FenTech, Inc., which manufactures vinyl doors and windows; Charter Films, a producer of plastic films; Genesis Attachments, manufacturer of shears and grapples; Amsoil, a producer of synthetic motor oil and lubricants; and Crane Song Ltd., a manufacturer of discrete Class A electronics for recording studios. This progressive community offers five industrial parks, three Tax Increment Finance (TIF) districts and a revolving loan fund to encourage economic development. The Business Improvement District encompasses 89 blocks, 322 tax parcels, and more than 300 businesses in the core downtown of Superior. The BID has several grants for building restoration, new construction, and design assistance. A BID Reinvestment Loan Program, through local banks, is also available for commercial property owners. 14

15 Demographics Quick Facts from the U.S. Census Bureau City of Superior City of Duluth Douglas County Current Population 26,862 86,211 43,785 Persons per Square Mile , Persons per Household Median Household Income $40,146 $41,116 $44,140 Per Capita Income $24,028 $24,174 $24,741 High School Graduate or Higher 90.6% 92.6% 91.2% Bachelor s Degree of Higher 22.2% 31.2% 21.8% Homeownership Rate 56.6% 59.2% 68.4% Median Value of Owner-Occupied Housing Units $118,200 $151,200 $133,600 Living in Same House, 1 year and Over 81.8% 76% 85.4% Mean Travel Time to Work in Minutes Retail Sales per Capita $17,549 $15,360 $11,523 15