The Market Place at Sun Prairie
Multi-Tenant Retail | 100% Occupied | 14,974 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to acquire the fee simple interest in Market Place at Sun Prairie located at 302-338 S Grand Avenue in Sun Prairie, Wisconsin (the “Property”). The seven-tenant plaza is 100% leased to a mix of national and local retailers and contains 14,974 square feet spread over two buildings on a 1.57-acre parcel. All of the leases call for the tenants to reimburse their pro-rata share of real estate taxes, insurance and operating expenses and six of the seven leases provide attractive rent increases in the primary lease terms and renewal options (if applicable).
Market Place at Sun Prairie occupies a prime location in the heart of Sun Prairie’s commercial corridor, positioned along S Grand Avenue, one of the area’s primary retail and commuter routes. The Property offers excellent visibility and strong frontage, enhancing its presence within this established trade area. Located seconds from Target, adjacent to new commercial development, and surrounded by a mix of national and local retailers and restaurants, the center benefits from consistent consumer traffic.
The Property is also conveniently located near residential neighborhoods, area schools, UW Health East Madison (Hospital), and several large employers, providing a reliable built-in customer base. In addition, Towne Creek Commons offers efficient regional connectivity with quick access to WI Route 19, U.S. Routes 51 and 151, as well as Interstate 90, supporting ease of travel throughout Sun Prairie and the broader region, and providing quick access to Downtown Madison, 15 miles to the southwest.
Investment highlights
THE ASSET: Market Place at Sun Prairie was constructed in 2008 and is improved by two buildings totaling 14,947 rentable square feet. Positioned on a 1.57-acre parcel, the Property is 100% leased to an attractive mix of local and national retailers and service tenants. The Property is home to O’Connell Pharmacy, Cost Cutters, Cold Stone Creamery, Verizon Wireless, DexaFit, Skalitzky Jewelers, and Pamper Me Nail Studio.
ATTRACTIVE RENT INCREASES: Each of the tenants (except for Cost Cutters) have annual rent increases of 2 - 3% in their primary lease term and renewal options (except for Verizon, which has exhausted their renewal options), providing the investor with an attractive increase in revenue and hedge against inflation.
MINIMAL LANDLORD RESPONSIBILITIES: All of the tenants reimburse their pro- rata share of all operating expenses, including taxes, insurance, and common area maintenance, making it an attractive investment for the passive real estate investor.
STRATEGIC RETAIL LOCATION: Market Place at Sun Prairie is strategically positioned along South Grand Avenue, a primary retail and commuter corridor in the heart of Sun Prairie. The Property offers strong frontage and excellent visibility within an established commercial trade area, further enhanced by its proximity to Target, Walmart Supercenter, Costco, Woodman’s Food Mart, Menards, Bass Pro Shops, Aldi, and Marcus Place Cinema. The center is also close to a mix of national and local retailers and restaurants, all of which drive consistent consumer traffic. The Property is also conveniently located near residential neighborhoods, area schools, major employers including American family Insurance (2 miles), Alliant Energy (2.7 miles), and UW Health East Madison Hospital (3 miles), supporting a stable and built-in customer base.
MADISON, WI MSA: Market Place at Sun Prairie is approximately 15 miles from Downtown Madison, WI. Madison is the state’s capital and home to the University of Wisconsin Madison. Madison has had significant growth, and this is slated to continue due to the city’s strong economy, educational opportunities, urban development, and high quality of life. Sun Prairie, WI will continue to be a part of Madison’s growth and strengths.
TRAFFIC COUNTS: Approximately 13,900 vehicles per day pass by the Property along S Grand Avenue.
STRONG DEMOGRAPHICS: More than 42,100 people live within 3 miles of the Property with an average household income of $119,882. Over 74,800 people live within 5 miles of the Property with an average household income of $120,970. The 3-mile population has increased by more than 40% since 2010 and is expected to continue to grow at 1.6% annually through 2030.
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