Description
Marcus & Millichap is pleased to offer as exclusive agent, Granville Station, an open-air, multi-tenant retail development located in Milwaukee, Wisconsin. The property is located approximately 10 miles from downtown Milwaukee.
The offering includes a 50,000 SF former Value City Furniture store. The building, a former Boston Store at Northridge Mall, has an additional 27,000 SF of ground floor retail space available and 77,000 SF on the second floor. Also included in the offering are four outlot parcels that are approximately 1.5 acres each; a four-tenant, 8,100 SF strip retail building and the ring road, approximately 15.01 acres.
The subject property offers a creative and opportunistic investor the chance to add value to a property that is located next to two of the region' s strongest retailers (Pick n Save and Menards). By leasing or selling off the outlots, and the former Value City building and strip retail building, a new investor should add significant value to the site and achieve an excellent return on their investment. Granville Station is being offered without an asking price, no reserve held. The bid deadline is December 4, 2009.
Granville Station is the dominant retail shopping center in the immediate trade area. The in-fill suburban area has over 147,000 people within a five mile radius. The population base is middle to upper middle class with the five mile average household income in excess of $61,000. Residents of the area have limited choices for major retail destinations. The area is seeing a statistical decrease in lower income households and an increase in higher income households, which bodes well for retailers in the area who will benefit from the continued increases in disposable income.
There is approximately two million square feet of retail space in the trade area. The trade area is anchored by Wal-Mart, Target, Granville Station, and several shopping centers and national restaurants. Because of the maturity of the market area, there is limited opportunity for new retail development in the prime locations. Traffic flow is strong on both Brown Deer Road (38,600 ADT) and 76th Street (14,400 ADT). Retailers are likely attracted to the good income levels, high traffic volume, the prospects for future income growth, and the limited availability new retail development.