Historical Retail Sale Listing - Westgate Square Shopping Center

Retail For Sale

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Westgate Square Shopping Center

4901 Washington Avenue, Racine, WI 53406

N/A

137,853 SF | Retail

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Retail Property - Off Market

Price:
N/A
Gross Leasable Area:
137,853 SF
Property Type:
Retail
Property Sub-type:
Neighborhood Center
Property Use Type:
Investment
Commission Split:
1.5%
Cap Rate:
9.01%
Occupancy:
32%
No. Stories:
1
Tenancy:
Single
Year Built:
1979
Lot Size:
13 AC
APN / Parcel ID:
13-13-2112
Parking Ratio:
4.40 / 1,000 SF
Listing ID
15249219
Last Updated
over 1 year ago

Highlights

  • Located in Primary Retail Corridor of Racine
  • Strong Traffic Counts 33,300 Cars Per Day
  • Extensive Renovation to Center in 2006
  • Added Value Investment through Lease Up & Master Lease
  • Can Be Divided to Accommodate Multiple Tenants
  • Buyer to receive 100% of the 24 Month Rent Credit at Closing

Description

We are pleased to offer Westgate Square Shopping Center as
an "Added Value" opportunity for your review. The Investment is 139,400-
square feet of Retail Space in this ShopKo anchored Neighborhood Center.
ShopKo is not part of the sale.
There are two large spaces in the center available that the owners are offering a
24 Month Rent Credit for: 54,013-square feet of Former Mall Space and 31,280-
square feet that is part of the newly renovated section. The Buyer will receive a
credit at closing for 100% of the 24 month Rent Credit. The remainder of the
center is occupied primarily by national tenants such as Perkins Restaurant, Old
Country Buffet, Citifinancial, Dollar General and Get It Now (Rent-A-Center).
There are also two banks in the outlots to the center that are not included in the
sale.
Westgate Square Shopping Center has recently undergone a major renovation.
The exterior facade was redone in 2006, with the exception of the 54,000-square
foot former mall. This portion was held pending tenant leasing requirements.
The zoning of the property is Conditional Use, which gives a developer an
opportunity to convert the spaces into a number of differ

The subject site is located in a primary Retail Corridor of Racine and
could easily be home to a variety of users. Westgate Square sits at the
second busiest signalized intersection in Racine, with the area's #1
Walgreen's located across the street.
Racine, located on Lake Michigan, between the Milwaukee and Chicago
metropolitan areas, offers a picturesque lake front and harbor making
Racine not only pleasurable, but a rewarding, relaxing and recreational
place for your visit.
Travel westward into the county to find a beautiful countryside, dotted
with small lakes, working dairy farms and many hiking/biking trails.
Stop at a fresh produce stand, or take a tour at one of the many
specialty farms in the area. A relaxing day in the country awaits you in
Racine and Racine County.

Map of 4901 Washington Avenue, Racine, WI 53406 (Racine County)

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Created 7/20/2007