This Retail Property is Off-Market.

4901 Washington Avenue
Racine, WI 53406 ·

137,853 SF · Retail For Sale

N/A

Print

Westgate Square Shopping Center

Price N/A Occupancy 32%
Gross Leasable Area 137,853 SF No. Stories 1
Property Type Retail Tenancy Single
Property Sub-type Neighborhood Center Year Built 1979
Property Use Type Investment Lot Size 13 AC
Commission Split 1.5% APN / Parcel ID 13-13-2112
Cap Rate 9.01% Parking Ratio 4.40 / 1,000 SF
Listing ID: 15249219 Date Created: 07/20/2007 Last Updated: 12/27/2007

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.

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

Research

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

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

Racine Market Trends - Asking price index trends, sale price trends, asking rent trends

Tammy Saia's Other Listings

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

I am a place holder, please don't judge me!!! (no, I judge you!)