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Target | 10+yrs Remain Corp NNN 5701 N Lydell Ave 128,512 SF Retail Building Glendale, WI 53217 $16,115,000 ($125.40/SF)
Investment Highlights
- Acquire fee simple interest in 5701 N Lydell Ave, the Target-leased anchor of the 1.27M+ square foot Bayshore mixed-use center in the Milwaukee MSA.
- Lease signed by Target’s corporate entity (S&P: A | NYSE: TGT), on a NNN basis with 10+ years remaining at below-market rent and scheduled increases.
- Fortified by a robust, affluent local trade area, households within a mile radius of the site report an average annual income of $174,671.
- Property spans 128,512 square feet on a 3.57-acre parcel with a comprehensive renovation completed in 2021, priced below replacement cost.
- Bayshore is a market-defining destination, attracting over 6.4 million annual visitors and ranking in the 97th percentile nationwide (Placer.ai).
- Long-term value location off I- 43, affording quick access for consumers throughout the North Shore and only 20 minutes from Downtown Milwaukee.
Executive Summary
5701 N Lydell Avenue presents an exclusive opportunity to acquire a generational legacy asset leased to one of the top retailers in the world, with unmatched underlying intangibles, while further mitigating risk via far-below-market rent and an acquisition price substantially below replacement cost.
Investors will acquire the fee simple interest (land and building ownership) in the 128,512-square-foot (GLA) building and 3.57-acre parcel. Target operates its flagship full-service brand store model, which is at the cutting edge of corporate growth and store design initiatives. The tenant has over 10 years of firm term remaining with an additional 10 (5-year) option periods to extend. The lease features scheduled 10% rental increases every 5 years throughout the initial term and options, growing NOI, and hedging against inflation. The lease is signed by the corporate entity (S&P: A | NYSE: TGT), and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor.
As the primary anchor for Bayshore, a sprawling open-air mixed-use destination that sees more annual visitors than 96% of centers nationwide, this Target benefits from a vibrant mix of complementing establishments. Bayshore features over 60 national retail and dining brands, two luxury multifamily communities, an 18,021-square-foot coworking office, and a consistent public event schedule with activities such as cooling classes, live concerts, seasonal festivals, and more. Some of the key co-tenants include Barnes & Noble, Apple, Orvis, Trader Joe’s, First Watch, Hotworx, Nike, Kids Empire Indoor Entertainment Center.
Situated off Interstate 43, 5701 N Lydell Avenue is one of the most accessible commercial properties for the North Shore market and beyond, with daily traffic counts nearing 100,000 vehicles per day. The property is near numerous single-family communities and multifamily complexes, providing a direct consumer base. The recent $15.5 million sale of Bayshore Place in February 2026 highlights the strong investor confidence in the immediate vicinity. The 5-mile trade area is supported by more than 268,000 residents and 110,000 daytime employees. These residents report some of the highest incomes in the market, and Downtown Milwaukee is only 20 minutes away, showcasing the long-term value of this property as a local and metro-wide destination.
Investors will acquire the fee simple interest (land and building ownership) in the 128,512-square-foot (GLA) building and 3.57-acre parcel. Target operates its flagship full-service brand store model, which is at the cutting edge of corporate growth and store design initiatives. The tenant has over 10 years of firm term remaining with an additional 10 (5-year) option periods to extend. The lease features scheduled 10% rental increases every 5 years throughout the initial term and options, growing NOI, and hedging against inflation. The lease is signed by the corporate entity (S&P: A | NYSE: TGT), and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor.
As the primary anchor for Bayshore, a sprawling open-air mixed-use destination that sees more annual visitors than 96% of centers nationwide, this Target benefits from a vibrant mix of complementing establishments. Bayshore features over 60 national retail and dining brands, two luxury multifamily communities, an 18,021-square-foot coworking office, and a consistent public event schedule with activities such as cooling classes, live concerts, seasonal festivals, and more. Some of the key co-tenants include Barnes & Noble, Apple, Orvis, Trader Joe’s, First Watch, Hotworx, Nike, Kids Empire Indoor Entertainment Center.
Situated off Interstate 43, 5701 N Lydell Avenue is one of the most accessible commercial properties for the North Shore market and beyond, with daily traffic counts nearing 100,000 vehicles per day. The property is near numerous single-family communities and multifamily complexes, providing a direct consumer base. The recent $15.5 million sale of Bayshore Place in February 2026 highlights the strong investor confidence in the immediate vicinity. The 5-mile trade area is supported by more than 268,000 residents and 110,000 daytime employees. These residents report some of the highest incomes in the market, and Downtown Milwaukee is only 20 minutes away, showcasing the long-term value of this property as a local and metro-wide destination.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
128,512 SF
Building Class
B
Year Built/Renovated
1957/2021
Price
$16,115,000
Price Per SF
$125.40
Tenancy
Single
Building Height
1 Story
Building FAR
0.83
Lot Size
3.57 AC
Zoning
PD - Planned Unit Development District
Parking
138 Spaces (1.07 Spaces per 1,000 SF Leased)
Amenities
- Dedicated Turn Lane
- Freeway Visibility
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Target
- Retailer
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Target | Retailer | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
60/100
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
10,723
93,479
281,982
2030 Population
10,623
93,408
282,509
2025-2030 Projected Population Growth
-0.9%
-0.1%
0.2%
Median Age
40.8
37.7
34.6
College Degree + Higher
65%
40%
33%
Daytime Employees
6,947
42,172
111,581
Total Businesses
890
4,215
11,292
Average Household Income
$152,524
$94,147
$81,180
Median Household Income
$121,515
$58,406
$52,903
Total Consumer Spending
$159.6M
$1B
$2.8B
2025 Households
4,193
38,650
116,141
Average Home Value
$521,375
$359,877
$301,019
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Potbelly | - | - | 2 min walk |
| Sprecher's Restaurant & Pub | Pub Food | $$ | 2 min walk |
| California Pizza Kitchen | - | - | 4 min walk |
| Five Guys | - | - | 4 min walk |
| Cheesecake Factory | - | - | 5 min walk |
| Starbucks | Cafe | $ | 4 min walk |
| Backlot Pizza + Kitchen | - | - | 4 min walk |
| Big Daddy's Brew & Que | - | - | 4 min walk |
| Chipotle | - | - | 7 min walk |
| Boston Market | - | - | 9 min walk |
Retail |
||
|---|---|---|
| Kohl's | Dept Store | 2 min walk |
| ULTA Beauty | Health & Beauty Aids | 2 min walk |
| Apple | Consumer Electronics | 4 min walk |
| Sunglass Hut | Other Retail | 4 min walk |
| Total Wine & More | Liquor | 4 min walk |
| Nike | Shoes | 4 min walk |
| Barnes & Noble | Books | 5 min walk |
| Foot Locker | Shoes | 4 min walk |
| Old Navy | Unisex Apparel | 4 min walk |
| Trader Joe's | Supermarket | 5 min walk |
Hotels |
|
|---|---|
| La Quinta Inns & Suites |
109 rooms
3 min drive
|
| Hampton by Hilton |
93 rooms
6 min drive
|
| Holiday Inn |
160 rooms
6 min drive
|
| Autograph Collection |
207 rooms
11 min drive
|
| Hilton |
554 rooms
13 min drive
|
Property Taxes
| Parcel Number | 166-8021-000 | Improvements Assessment | $5,104,600 |
| Land Assessment | $4,820,400 | Total Assessment | $9,925,000 |
Property Taxes
Parcel Number
166-8021-000
Land Assessment
$4,820,400
Improvements Assessment
$5,104,600
Total Assessment
$9,925,000
Sale Advisors
Sale Advisors
Patrick Luther, Managing Principal and Co-Founder
Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $3 billion in closed transactions, representing over 2,000 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 50 professionals handling all net lease transactions for the firm nationally. He focuses on single-tenant, NNN-leased investments, including national portfolios, merchant developer representation, sale-leasebacks, lease restructuring, vacant and dark store redevelopment or liquidation, and zero cash flow transactions.
Patrick graduated from Arizona State University with a bachelor’s degree in finance. Patrick was recognized alongside business partner, Matthew Mousavi, in 2019 as a top three net lease team in the U.S. and the seventh-ranked team in the overall U.S. commercial real estate industry. He is an active member of the International Council of Shopping Centers (ICSC) and CCIM communities and can be found rock climbing or traveling internationally in his free time.
Patrick graduated from Arizona State University with a bachelor’s degree in finance. Patrick was recognized alongside business partner, Matthew Mousavi, in 2019 as a top three net lease team in the U.S. and the seventh-ranked team in the overall U.S. commercial real estate industry. He is an active member of the International Council of Shopping Centers (ICSC) and CCIM communities and can be found rock climbing or traveling internationally in his free time.
Matthew Mousavi, Sr. Managing Principal, Co-Head of National Net
Matthew is the Senior Managing Principal & Co-Head of National Net Lease and West Investment Properties, part of SRS' Capital Markets. Our National Net Lease services are recognized as one of the top three net lease investment teams in the nation. SRS Real Estate Partners is the largest retail estate firm in North America exclusively dedicated to retail services. The firm has a track record spanning over 30 years with billions in transaction volume and represents over 400 retailers throughout the country. Matthew currently is a member of the Board of Directors for SRS Real Estate Partners.
Matthew is widely recognized as one of the most active and reputable investment brokers in the country, receiving numerous industry accolades with a track record in excess of $12 billion in transaction volume, including on behalf of the largest property owners domestically and abroad, comprised of both publicly traded entities and private investors. Matthew currently manages a team of over 75 professionals focusing exclusively on the sale of single-tenant and multi-tenant retail properties and manages the sale of more than $2 billion in available property in over 40 states.
He advises clients in the acquisition and disposition of retail investment properties nationwide and is especially adept at aggressively and diligently marketing properties in order to meet the owners’ objectives of price and timing. Matthew’s experience includes hundreds of single-tenant transactions, structured portfolio sales, multi-unit national sale-leaseback portfolio sales, stable core multi-tenant centers, neighborhood, community and power centers, developer sales and pre-sales, and distressed asset sales throughout the U.S.
Matthew is widely recognized as one of the most active and reputable investment brokers in the country, receiving numerous industry accolades with a track record in excess of $12 billion in transaction volume, including on behalf of the largest property owners domestically and abroad, comprised of both publicly traded entities and private investors. Matthew currently manages a team of over 75 professionals focusing exclusively on the sale of single-tenant and multi-tenant retail properties and manages the sale of more than $2 billion in available property in over 40 states.
He advises clients in the acquisition and disposition of retail investment properties nationwide and is especially adept at aggressively and diligently marketing properties in order to meet the owners’ objectives of price and timing. Matthew’s experience includes hundreds of single-tenant transactions, structured portfolio sales, multi-unit national sale-leaseback portfolio sales, stable core multi-tenant centers, neighborhood, community and power centers, developer sales and pre-sales, and distressed asset sales throughout the U.S.
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Target | 10+yrs Remain Corp NNN | 5701 N Lydell Ave
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