Bellevue Town Center
Grocery Anchored Center | Fresh 10-yr Renewal | Below Market Rents
Marketing description
Bellevue Town Center offers investors the opportunity to acquire a fully leased, grocery-anchored neighborhood center with durable in-place income and embedded NOI growth in an established retail corridor in Green Bay, WI.
The Property is anchored by Pick ‘n Save, a Kroger-affiliated grocer with an approximately 24-year operating history at the center. The tenant is finalizing a 10-year lease extension through 2036, reinforcing long-term income stability and continued anchor tenancy.
The Center benefits from below-market in-place shop rents, averaging $23.57 PSF compared to approximately $27.00 PSF for comparable product, providing a clear path to organic NOI growth through lease rollover. This mark-to-market opportunity is supported by strong corridor fundamentals, national co-tenancy, and consistent consumer traffic.
Strategically positioned along Monroe Road and Lime Kiln Road, a dominant retail spine in the Green Bay market, the Property benefits from approximately 29,700 vehicles per day and is shadow-anchored by Target (1.6M annual visits) and within close proximity to Costco (2.7M annual visits), driving sustained customer flow and tenant demand.
The offering combines stable, grocery-anchored cash flow, defensible tenancy, and measurable rent upside, supported by ongoing retail and employment growth within the surrounding trade area.
Investment highlights
- Top Wisconsin Grocer Renewing Commitment to the Center: Bellevue Town Center is anchored by Pick ‘n Save, one of the largest grocers in the state of Wisconsin with 93 stores statewide. Pick ‘n Save is a Kroger concept that, along with Kroger-owned grocery operator Roundy’s, is quickly expanding market share in the state.
- Target Shadow Anchor and Costco Proximity Provides Consistent Traffic: Bellevue Town Center is shadow anchored by a high-performing Target that has seen 1.6M visits in the past 12 months, the 15th best mark in the state. The one Costco in the Green Bay area also sits down the road from the Property, averaging an impressive 2.7M visits T12, ranking as the #3 Costco in the state of Wisconsin.
- Below Market Rents Provide Mark-to-Market Opportunities: Investors have the opportunity to acquire a market-leading grocer-anchored center in an iconic “NFL” city at a low basis due to the low in-place rents. Average in place small shop rents sit at $23.57 PSF, while market rents are north of $27 PSF, making way for over $38k in annual rental income upside.
- Historic City with Consistent Tourist Traffic: Green Bay is most well-known for the Green Bay Packers, who have a passionate global fan base, and a stadium district that has become a bucket list destination for football fans around the world.
- Impressive Tenant Mix with Brand Recognition and Consistent Tenancy: Bellevue Town Center has an impressive e-commerce resilient tenant mix of national tenants and local staples, giving residents a strong selection of retailers with brand equity.
- Explosive Monroe Road Commercial Corridor Development Growth: The Monroe Road commercial Corridor in Bellevue is undergoing a significant re-development in the land next to Bellevue Town Center, with a total of 35 projects along Monroe Road completed or in development.
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