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Shopping Community

Park Plaza

1140 S 30th St, Manitowoc, WI 54220

Listing Price: $6,365,000

Cap Rate
8.00%
Gross SF
110,266
Rentable SF
110,266
Price/Gross SF
$57.72
Lot Size
13.57 acres
Year Built
1990

Investment Overview

Marcus & Millichap is Pleased to Present for Sale Park Plaza, a 74 Percent Occupied, 110,266 Square Foot Community Shopping Center in Manitowoc, Wisconsin. Value Add Opportunity - Projected Stabilized CAP of 11.5% at 100 Percent Occupancy. Prime 28,894-Square-Foot Junior Box Vacancy Poses Major Upside Opportunity with Anticipated Rent of $6 per Square Foot Triple-Net. Durable, Tenured Rent Roll – Six of 10 Current Tenants Totaling 84 Percent of Occupied Gross Leasable Area In-Place Since 2006 or Longer with History of Multiple Renewals. Situated Along Route 42 with 17,700 Vehicles per Day – Primary Retail Corridor and Arterial Connecting Downtown Manitowoc to I-43.

Investment Highlights

  • 74 Percent Occupied, 110,266 Square Foot Community Shopping Center in Manitowoc, Wisconsin
  • Value Add Opportunity - Projected Stabilized CAP of 11.5% at 100 Percent Occupancy
  • Anchored by Hobby Lobby (41 Percnet of Gross Leasable Area) – Tenant Since 2005 Leased thru October 2025; Cheap $3.25 per Square Foot Triple-Net Rent ($4.91 per Square Foot All-in)
  • Prime 28,894 Square Foot Junior Box Vacancy Poses Major Upside Opportunity with Anticipated Rent of $6 per Square Foot Triple-Net
  • Replaceable Rents: Average In-Place Rent of $9.14 per Square Foot All-in (Gross) and Low Operating Costs of $2.19 per Square Foot (Including Third-Party Management)
  • 3.23-Acre Expansion/Development Area Included in Offering
  • Several Tenants Have Annual or Scheduled Rent Increases During their Current Term
  • Cricket Wireless and Coin Laundry are in a 4,831 Square Foot Two-Tenant Freestanding Outparcel Building with Excellent Visibility and Frontage – Prime Site for Future Redevelopment

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    First Vice President/Regional Manager

    (262) 364-1900

    License(s) WI: 56163-90

    Wisconsin

Financing By

Shopping Community

Park Plaza

Listing Price: $6,365,000

Cap Rate
8.00%
Gross SF
110,266
Rentable SF
110,266
Price/Gross SF
$57.72
Lot Size
13.57 acres
Year Built
1990

Investment Highlights

  • 74 Percent Occupied, 110,266 Square Foot Community Shopping Center in Manitowoc, Wisconsin
  • Value Add Opportunity - Projected Stabilized CAP of 11.5% at 100 Percent Occupancy
  • Anchored by Hobby Lobby (41 Percnet of Gross Leasable Area) – Tenant Since 2005 Leased thru October 2025; Cheap $3.25 per Square Foot Triple-Net Rent ($4.91 per Square Foot All-in)
  • Prime 28,894 Square Foot Junior Box Vacancy Poses Major Upside Opportunity with Anticipated Rent of $6 per Square Foot Triple-Net
  • Replaceable Rents: Average In-Place Rent of $9.14 per Square Foot All-in (Gross) and Low Operating Costs of $2.19 per Square Foot (Including Third-Party Management)
  • 3.23-Acre Expansion/Development Area Included in Offering
  • Several Tenants Have Annual or Scheduled Rent Increases During their Current Term
  • Cricket Wireless and Coin Laundry are in a 4,831 Square Foot Two-Tenant Freestanding Outparcel Building with Excellent Visibility and Frontage – Prime Site for Future Redevelopment

Investment Overview

Marcus & Millichap is Pleased to Present for Sale Park Plaza, a 74 Percent Occupied, 110,266 Square Foot Community Shopping Center in Manitowoc, Wisconsin. Value Add Opportunity - Projected Stabilized CAP of 11.5% at 100 Percent Occupancy. Prime 28,894-Square-Foot Junior Box Vacancy Poses Major Upside Opportunity with Anticipated Rent of $6 per Square Foot Triple-Net. Durable, Tenured Rent Roll – Six of 10 Current Tenants Totaling 84 Percent of Occupied Gross Leasable Area In-Place Since 2006 or Longer with History of Multiple Renewals. Situated Along Route 42 with 17,700 Vehicles per Day – Primary Retail Corridor and Arterial Connecting Downtown Manitowoc to I-43.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    First Vice President/Regional Manager

    (262) 364-1900

    License(s): WI: 56163-90

    Wisconsin

Financing By

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