Park Plaza
Retail | 8.25% CAP | 110,266 SqFt
Marketing description
Park Plaza is a 100% occupied, 110,266 SF community shopping center located in Manitowoc, Wisconsin. The property features three separate buildings including a free-standing Hobby Lobby, a 2-tenant outparcel strip, and a 60,000 SF neighborhood center. Anchored by Hobby Lobby (41% of GLA), which has been a tenant since 2005 with a recent 10-year renewal and cheap $3.25/SF NNN rent, the property offers a mark to market opportunity with an average in-place rent of $7.87/SF. The center benefits from a durable, tenured rent roll with 60% of tenants in place for 20+ years. The property is situated along Route 42 with 17,170 VPD, a primary retail corridor and arterial connecting downtown Manitowoc to I-43. The functional site layout features a signalized intersection with multiple access points and a 4,831 SF 2-tenant freestanding outparcel building with excellent visibility and frontage.
Investment highlights
- 100% Occupied, 110,266 SF Community Shopping Center Offering with 6.63 Yr WALT
- 3 Separate Buildings in Offering - Free Standing Hobby Lobby, 2-Tenant Outparcel Strip, 60,000 SF Neighborhood Center
- Anchored by Hobby Lobby (41% of GLA) - Tenant Since 2005; Recent 10 Yr Renewal; Cheap $3.25/SF NNN Rent
- Mark to Market Opportunity - Average In-Place Rent of $7.87/SF
- Durable, Tenured Rent Roll - 60% of Tenants in Place for 20+ Years
- 4,831 SF 2-Tenant Freestanding Outparcel Building with Excellent Visibility & Frontage
- Functional Site Layout at Signalized Intersection with Multiple Access Points (7)
- Situated Along Route 42 with 17,170 VPD - Primary Retail Corridor and Arterial Connecting Downtown Manitowoc to I-43
- Manitowoc, WI - Lakefront City 30 Minute North of Sheboygan & 1 Hour North of Milwaukee; 79,000+ Resident MSA
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