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21004512
27410618

700 Pilgrim Way, Green Bay, WI 54304

MW
MI 6502108208
ProVisions
Listed by ProVisions
$14,232,500
703 days on market
Updated 1 day ago

Mixed-Use Development Near Lambeau Field

Details
APN VA 132-1-2
Property Type Retail, Office (+1)
Sub Type Restaurant, Executive Office (+1)
Square Footage 218,323
Occupancy 47.23%
Tenancy Multi
Lease Type NNN
Lease Term 12.8
Lease Expiration 05/31/2035
Remaining Term 9
Rent Bumps Yes
Lease Options Three 5-Year
Price Per Acre $29
Broker Co-Op Yes
Year Built 1987
Year Renovated 2022, 2024, 2025, 2026
Buildings 1
Stories 2
Acreage 31.440
Zoning B-3 Business
Parking Spaces per 1,000 sq ft
Investment Type Value Add
Tenant Credit Credit Rated
Lease Commencement 09/01/2022
Ground Lease No
Sale Condition For sale by owner

218,323 SF | 31.44 Acres | Multiple Opportunities for Outlots/Pad Sites | B-3 Zoning

Marketing description

Situated in bustling Green Bay, The Arboretum at 700 Pilgrim Way is a 218,323-square-foot office and retail property set on a prominent 31-acre site near Lambeau Field. This two-story, mixed-use building underwent $3.8 million in renovations in 2022, with additional improvements continuing in 2025. These include both interior and exterior upgrades and a 10-year roof warranty—enhancing the building’s longevity and aesthetic appeal.

Designed with flexibility and functionality in mind, the Arboretum offers efficient floor plans with large open workspaces, private offices, and a kitchen area with a dining hall. The first-floor northwest area is also configured to support a restaurant or café, boasting with abundant natural light and open-concept space ideal for a food and beverage concept.

Current tenants include Ayres Associates Inc., Shopko Optical, and Regus, all under long-term leases, providing steady cash flow. Investors will benefit from both the stabilized income and the immense value-add potential through redevelopment of the expansive 31-acre site.

The property features modern finishes, skylights, and is home to 11 Outlot/pad site opportunities, ideal for future retail, hotel, or mixed-use development. With B-3 Community Business zoning, the site supports a wide variety of uses including multifamily, office, hotel, retail, research & development, or any mixed-use combination.

Importantly, the zoning allows up to 120 feet in height (approximately 12 stories) by right—opening the door to high-rise opportunities for hotels, condominiums, multifamily, and commercial uses. This can be increased further with a Conditional Use Permit, making it one of the most flexible and prominent development opportunities in the region near major landmarks including Lambeau Field, Resch Center, Epic Event Center, Bay Park Square Mall, and Capital Credit Union Park.

Strategically located, The Arboretum is directly across from Bay Park Square (Simon Mall) and just blocks from Green Bay’s major attractions. The site offers unmatched access to Interstates 41 and 43, and is within minutes of Green Bay Austin Straubel International Airport, ensuring convenience for employees, tenants, and visitors alike.

Green Bay is a city rooted in comradery and opportunity. Anchored by Lambeau Field and surrounded by waterfronts, wildlife refuges, suburban charm, and a thriving economy, this is a location where community and commerce intersect.


SELLER FINANCING AVAILABLE


Investment highlights

  • 31.44 Acres of Land (Largest Available Parcel near The Green Bay Packers)

  • A Few Blocks from Lambeau Field (Green Bay Packers), Titletown, Resch Center and across from Simon Mall, Bay Park Square(https://www.simon.com/mall/bay-park-square)

  • 218,323 Square Foot Building

  • Large Data Room

  • Located within a federally designated Opportunity Zone, offering potential tax incentives for qualified investors.

  • Credit Tenants with long-term leases in place (https://www.shopko.com/ & https://www.ayresassociates.com/ & https://www.regus.com/en-us)

  • Projected 2025 NOI $4,350,841 (Tenants and Outlot Sales)

  • 11 Outlots or Pad Sites (1 sold in November 2024)

  • Income in Place and Value-Add Upside

  • $39.2 Million Insured Value (2023) Cincinnati Insurance Company(Building, Infrastructure, and Land)

  • $3.8 Million in Improvements Completed in 2022-2025

Listing Contacts

MW
MI 6502108208
ProVisions
Listed by ProVisions

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