East Springs Drive Center
Retail | 7.00% Cap Rate | 29,320 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to acquire the fee simple interest in East Springs Drive Center located at 2358 and 2402 East Springs Drive in Madison, Wisconsin (the “Property”). The eight-tenant plaza is 100% leased to a mix of regional and local retailers and contains 29,320 square feet spread over two buildings on a 3.13-acre parcel. Seven of eight leases call for the tenants to reimburse their pro-rata share of real estate taxes, insurance and operating expenses and also provide attractive rent increases in the primary lease terms and renewal options (if applicable).
East Springs Drive Center occupies a prime location in a dominant commercial corridor in northeast Madison. positioned along East Springs Drive, the Property is surrounded by East Towne Mall, large shopping centers with national anchors, big box retailers, and national retailers and restaurants, in the area’s primary shopping district. The Property offers excellent visibility and strong frontage, enhancing its presence within this established trade area.
The Property is also conveniently located near residential neighborhoods, area schools, several hotels, UW Health East Madison (Hospital), and several large employers, providing a reliable built-in customer base. In addition, East Springs Drive Center offers efficient regional connectivity with quick access to U.S. Routes 51 and 151, as well as Interstate 90/39, supporting ease of travel throughout Madison and the broader region, and providing quick access to Downtown Madison, 10 miles to the southwest.
Investment highlights
THE ASSET: East Springs Drive Center was constructed in 2003 and is improved by two buildings totaling 29,320 rentable square feet. Positioned on a 3.13-acre parcel, the Property is 100% leased to an attractive mix of local and regional retailers and service tenants. The Property is home to The Auto Group Club, Phenix Salon Suites, Spring Nails Supply, Positive Vibes, Dwellers Focus, 2nd Wind Fitness/Johnson Health, La Vie Nails & Spa and Agrace Hospice Care Thrift Store.
ATTRACTIVE RENT INCREASES: Each of the tenants (except for Positive Vibes) have annual rent increases in their primary lease term and renewal options (when applicable), providing the investor with an attractive increase in revenue and hedge against inflation.
MINIMAL LANDLORD RESPONSIBILITIES: Seven of eight tenants reimburse their prorata 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: East Springs Drive Center is seconds from E Washington Avenue (US Highway 151), a primary retail and commuter corridor traversing Madison. The Property offers strong frontage and excellent visibility within a dominant commercial trade area, further enhanced by its proximity to East Towne Mall, Walmart Supercenter, Target, Home Depot, Kohl’s, Burlington, Ross, Marshalls, Ashley, PetSmart, and Best Buy. Additionally, the center is surrounded by a mix of national and local retailers and restaurants, all of which drive consistent consumer traffic. The Property is conveniently located near residential neighborhoods, area schools, major employers including American family Insurance (3.5 miles), Alliant Energy (3 miles), and UW Health East Madison Hospital (2.9 miles), supporting a stable and built-in customer base.
MADISON, WI MSA: East Spring Drive Center is approximately 7 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 42,100 vehicles per day pass near the Property along E Washington Avenue (US Highway 151), an additional 119,400 vehicles pass by along Interstate 90/39.
STRONG DEMOGRAPHICS: More than 44,700 people live within 3 miles of the Property with an average household income of $105,782. Over 127,600 people live within 5 miles of the Property with an average household income of $112,631. The 3 mile population has increased by more than 29% since 2010 and is expected to continue to grow at 1.1% annually through 2030.
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