GOODWILL (Milwaukee MSA) 1715 Wisconsin Ave Grafton, WI 53024 - NET LEASE INVESTMENT OFFERING
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NET LEASE INVESTMENT OFFERING GOODWILL (Milwaukee MSA) 1715 Wisconsin Ave Grafton, WI 53024
TABLE OF CONTENTS
TABLE OF CONTENTS
I. Executive Profile II. Location Overview III. Market & Tenant Overview
Executive Summary Photographs Demographic Report
Investment Highlights Site Plan Market Overview
Property Overview Aerial Tenant Overview
Maps
NET LEASE INVESTMENT OFFERING
DISCLAIMER STATEMENT
DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It
STATEMENT: is intended to be reviewed only by the party receiving it from The Boulder Group and Property Ownership
and should not be made available to any other person or entity without the written consent of The Boulder
Group.
This Offering Memorandum has been prepared to provide summary, unverified information to prospective
purchasers, and to establish only a preliminary level of interest in the subject property. The information
contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group and
Property Ownership have not made any investigation, and make no warranty or representation.
The information contained in this Offering Memorandum has been obtained from sources we believe to
be reliable; however, The Boulder Group and Property Ownership have not verified, and will not verify,
any of the information contained herein, nor has The Boulder Group and Property Ownership conducted
any investigation regarding these matters and makes no warranty or representation whatsoever regarding the
accuracy or completeness of the information provided. All potential buyers must take appropriate measures
to verify all of the information set forth herein.
NET LEASE INVESTMENT OFFERING
EXECUTIVE SUMMARY
EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant net leased Goodwill property located in
SUMMARY: Grafton, Wisconsin, approximately 20 miles north of downtown Milwaukee. The property is located in a strong
retail corridor with excellent visibility and easy accessibility. The tenant, Goodwill Retail Services, has a network
of more than 75 local retail stores in Southeastern Wisconsin and Metropolitan Chicago. They have operated
at this location since 2012. This is a proven location for Goodwill as evident by a recent early lease extension
through August 2027.
The 21,400 square foot property is located on Wisconsin Avenue at a hard corner. Wisconsin Avenue is a primary
north-south thoroughfare in the area. The property benefits from its position within a strong retail corridor that
features Shopko, Pick ‘n Save (Kroger), Walgreens, Ace Hardware, O’Reilly Auto Parts, NAPA Auto Parts and a
number of quick service restaurants. The property is also located within close proximity to multiple residential
communities, local businesses, and schools. There are over 28,140 people living within a three mile radius of the
property earning an average household income in excess of $91,900 per year.
Goodwill has over 10 years remaining on their lease which expires August 31, 2027. The lease features a rental
escalation in the primary term and in each of the three 5-year renewal option periods. Goodwill includes a
drive-thru donation center and quality signage located prominently on Wisconsin Avenue. Goodwill is a nonprofit
organization that provides job training, employment placement services, and other community-based programs
for seniors, veterans, and people with disabilities, criminal backgrounds and other specialized needs.
NET LEASE INVESTMENT OFFERING
INVESTMENT HIGHLIGHTS
INVESTMENT • Located within the Milwaukee MSA
HIGHLIGHTS:
• Tenant recently extended lease showing commitment to this location
• More than 10 years remaining in primary term
• Rental escalations in primary term and renewal option periods
• Low rent per square foot
• Exceptional visibility and easy access
• Drive-thru donation center
• Benefits from its position within a strong retail corridor that features Shopko, Pick ‘n Save (Kroger), Walgreens,
Ace Hardware, O’Reilly Auto Parts, NAPA Auto Parts and a number of quick service restaurants
• Average household income of approximately $91,900 annually within 3 miles of the property
NET LEASE INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY Price: $3,154,519
OVERVIEW: Cap Rate: 6.75%
Rent Schedule: NOI Escalation Date
$212,930*
$225,770 9/1/2022
$234,330 9/1/2027 (Option 1)
$255,730 9/1/2032 (Option 2)
$277,130 9/1/2037 (Option 3)
Renewal Options: Three 5-Year Options
Lease Commencement Date: August 15, 2012
Lease Expiration Date: August 31, 2027
Tenant: Goodwill Retail Services, Inc.
Year Built/Renovated: 1996/2012
Lease Type: NN (Roof & Structure)
Parking: 70 Spaces
Building Size: 21,400 SF
Land Size: 2.79 Acres
* The lease allows landlord to collect a 4% management fee of operating charges; however, the fee is not included in the NOI.
NET LEASE INVESTMENT OFFERING
PHOTOGRAPHS NET LEASE INVESTMENT OFFERING
SITE PLAN NET LEASE INVESTMENT OFFERING
AERIAL NET LEASE INVESTMENT OFFERING
MAPS
MAP
NET LEASE INVESTMENT OFFERINGMAPS NET LEASE INVESTMENT OFFERING
DEMOGRAPHIC REPORT
DEMOGRAPHIC
Population 1-Mile 3-Mile 5-Mile
REPORT:
Total Population 7,972 28,142 41,814
Total Households 3,400 11,627 16,498
Income 1-Mile 3-Mile 5-Mile
Median Household Income $56,210 $69,253 $75,736
Average Household Income $78,574 $91,898 $99,379
NET LEASE INVESTMENT OFFERINGMARKET OVERVIEW
MARKET Grafton, WI
Grafton is a village in Ozaukee County, Wisconsin, roughly 20 miles north of downtown Milwaukee
OVERVIEW: on the shore of Lake Michigan. The village has a population of more than 11,450 people. Grafton is
one of the oldest in Ozaukee County. In 1838, Timothy Wooden purchased approximately 145 acres
of land, which would become the business district of Grafton. By 1841, development was underway
with the area comprised mainly of settlers of German descent. The Village was incorporated in 1896.
During the next century, Grafton grew from a predominantly lumber-oriented industry base to a com-
munity of many occupations.
Grafton is served by two main highways; Interstate-43 and Highway-60. The closest airport to Grafton with scheduled flights
is General Mitchell International Airport (30 Miles). Public transit is provided by a commuter express bus (Route 143) to
Milwaukee with two stops in Grafton. Ozaukee County also offers a Shared Ride Taxi service, which runs daily, and makes
connections to Washington County Transit and Milwaukee County Routes 12, 49 and 42u.
www.village.grafton.wi.us
NET LEASE INVESTMENT OFFERINGMARKET OVERVIEW
MARKET Milwaukee, WI
Milwaukee is the largest city in Wisconsin, the 28th most populous city in the United States and comprises
OVERVIEW: nearly one-third of the state’s entire population. Milwaukee is located on the southwestern shore of Lake
Michigan and has a population of more than 595,000 people with an MSA population of more than 1,752,000.
Milwaukee and its suburbs are the home to the international headquarters of 13 Fortune 1000 companies, including Johnson
Controls, Northwestern Mutual, Manpower Inc., Jefferson Wells, Kohl’s, Harley-Davidson, Rockwell Automation, Fiserv, Inc.,
Hal Leonard, Wisconsin Energy, Briggs & Stratton, Joy Global, Bucyrus International, A.O. Smith, GE Healthcare Diagnostic
Imaging and Clinical Systems and MGIC Investments. The Milwaukee metropolitan area ranks fifth in the United States in terms
of the number of Fortune 500 company headquarters per capita.
Milwaukee is ideally located in the heart of the Upper Midwest. Situated on the western shores of Lake Michigan, one of the five
Great Lakes, it is a 90-minute drive from downtown Chicago, a five-hour drive from Minneapolis-St. Paul and Indianapolis, and
slightly more than an hour away from Madison, the capital of Wisconsin.
Three of Wisconsin’s Interstate highways intersect in Milwaukee. Interstate-94 travels north from Chicago to enter Milwaukee
and continues west to Madison. Interstate-43 enters Milwaukee from the southwest and continues north along Lake Michigan
to Green Bay. Interstate-41 follows Interstate-94 north from the state line before turning west and north to head to Green Bay.
Milwaukee is home to two airports, General Mitchell International Airport on the southern edge of the city, and the regional
Timmerman Field on the north side. Mitchell is served by 8 airlines, which offer roughly 240 daily departures and 245 daily
arrivals. Approximately 35 cities are served nonstop or direct from Mitchell International. It is the largest airport in Wisconsin
and the 34th largest in the nation.
Milwaukee has historically been a hub for rail traffic and the metro area is served by five rail operators, including the Canadian
National Railway, Canadian Pacific Railway and Union Pacific Railroad. Milwaukee’s mass transit needs are served primarily by
the Milwaukee County Transit System (MCTS), which has more than 50 routes and is often ranked among the nation’s best transit
systems. Amtrak provides passenger rail service to all parts of the US and Canada from its downtown Milwaukee terminal.
Amtrak serves as a vital link to Chicago via the Hiawatha Service line which carriages roughly 800,000 transporters a year.
www.visitmilwaukee.org
NET LEASE INVESTMENT OFFERINGTENANT OVERVIEW
TENANT Goodwill Retail Services
OVERVIEW: Goodwill Retail Services, the tenant, operates a network of more than 75 Goodwill Store and Donation Centers
throughout Southeast Wisconsin and Metropolitan Chicago. They are an expanding and dynamic retail operation.
Goodwill Industries International Inc. (Goodwill) is an American nonprofit organization that provides job training,
employment placement services, and other community-based programs for seniors, veterans, and people with disabilities,
criminal backgrounds and other specialized needs. Goodwill has become a mainstream retail outlet, specializing in a
wide selection of choice resale goods. Goodwill collects donated clothing and household items and in turn sells those
goods at a fair market value to support their mission. Revenue from sales of donated items provides funding for
vocational training and other Goodwill programs and services.
Goodwill operates as a network of independent, community-based organizations in South Korea, Venezuela, Brazil,
Mexico, Panama, Uruguay, the United States, Canada, and 8 other countries. It slowly expanded from its founding
in 1902 and was first called Goodwill in 1915. Goodwill’s logo is a stylized letter g, resembling a smiling face. It was
designed by Joseph Selame in 1968.
Website: www.goodwill.com
Founded: 1902
Number of Employees: 312,000+
Corporate Headquarters: Rockville, Maryland
NET LEASE INVESTMENT OFFERINGRandy Blankstein President 847.562.0003 randy@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com 666 Dundee Road, Suite 1801 Northbrook, IL 60062 www.bouldergroup.com
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