Investment Highlights
- Recently Extended Lease - Over Four Years Remaining (Rent Increased 16.66%)
- Established Location In A Densely Populated Area
- 2013 Population Within Three Miles 243,655, Within Five Miles 532,209
- Double Net Lease - Minimal Landlord Expenses
- One - Five Year Option To Extend
- Rare Off-Street Parking On Site
- Subsidiary of Fortune 500 Company, Humana, Inc., Traded on NYSE (HUM) with Standard & Poor's Rating of BBB
The investment consists of a 6,000 SF, single tenant leased to Concentra Health Services, Inc. The tenant executed a 10 year lease in 2004 which was just extended for an additional five years now expiring 11/30/2019, with one 5 year options to extend. In junction to the lease being extended an extra five years, rent increased $12,000/yr. or 16.66%. The lease is structured as double net whereas the tenant is responsible for all expenses associated with the property - excluding roof and structure. Tenant and Landlord have agreed to split the cost of replacing HVAC.
Concentra was bought in 2010 by Humana Incorporated, a Standard & Poor's rated "BBB" company, which further increased the credit of Concentra.
The property is located on 35th Street, immediately north of Interstate 94. The property is highly visible from both on and off-ramps of the highway.
The subject is surrounded by residential properties to the North and an industrial properties to the South. In 2013, the population in a five mile radius of the property is 532,209, within a three mile radius it is 243,655. Traffic counts along 35th street and I-94 are 17,900 vehicles per day and 146,000 vehicles per day respectively.
Milwaukee is the largest city in the U.S. state of Wisconsin, the 30th most populous city in the United States. It is the county seat of Milwaukee County and is located on the southwestern shore of Lake Michigan. According to 2010 census data, the City of Milwaukee has a population of 594,833.