Shopping Neighborhood
Shops off Broadway (NEW Five Below Tenant)
1501 N Broadway St, Menomonie, WI 54751
Listing Price: $10,910,000
Investment Overview
THE SHOPS OFF BROADWAY is a 130,000 square foot neighborhood center that is fully stabilized offered at 100 percent occupancy.
Five Below signed a new lease in February 2025 and the Seller is currently building out their new space, which is expected to be delivered to the tenant by August 1, 2025. Eclipse Self Storage signed a new 20-year lease which commenced in March 2024. In total, the Seller will have invested more than $2.5 million in buildout costs over the last two years for the two new tenants. The Nail Spa also signed an early extension in January 2025, taking on a rent increase and also adding a fixed reimbursement for CAM costs for a lease that was previously gross. The fresh leasing activity positions the property well for stability and continued growth under new ownership.
The investment’s stability is further reinforced by the lack of lease rollover until 2027 and with more than 80 percent of the Gross Leasable Area being leased until at least 2033. The leases are triple net, with five of the seven tenants having fixed reimbursements without reconciliation. Investors will benefit from a streamlined reimbursement structure, with almost no year-end reconciliation obligations. This structure enhances income predictability for the future and supports a more consistent cash flow, while also minimizing time consumption for the investor.
The Shops is positioned upon more than eight acres in the heart of the I-94 exit corridor. The corridor is a dense with retail, multiple hotels and car dealerships, and several quick service and fast-food restaurants that drive the traffic to this area. The center shadow anchors a McDonald’s, Starbucks and Taco Bell and is adjacent to Walgreens, Arby’s and Wendy’s. The Shops have direct exposure to almost 17,000 cars per day along north Broadway Street and over 38,000 cars per day along the interstate. The University of Wisconsin-Stout campus is located less than two miles away and is home to more than 6,900 students. The campus is 124 acres with 25 major academic buildings, 9 residence halls, and 245 laboratories.
Investment Highlights
- 100 Percent Occupied Neighborhood Shopping Center | Shadow Anchors McDonald's, Starbucks & Taco Bell
- Brand New Five Below (NASDAQ: "FIVE" Lease) | August 1 is Expected Delivery Date
- Zero Lease Rollover Until at Least 2027 | 80 Percent of the GLA is Leased Until at Least 2033 | Fresh Leasing Activity Positions the Property Well for Stability & Continued Growth under New Ownership
- Streamlined Reimbursements with No Year-End Reconciliation Obligations | Supports a More Consistent & Predictable Income Stream
- Over $220,000 in Recent Capital Expenditure Improvements | Front Main Lot Rehab & All New Parking Lot Lights | Re-Painted Entire Facility | New Landscaping | Monument Sign Rehab with New LED Backed Lighting
- Seller Invested $1.5 Million in Buildout for Eclipse Self Storage & will have Invested Over $1 Million in Five Below Buildout
- Menomonie is a College Town | Home to the University of Wisconsin-Stout Campus (NCAA Division III-WIAC Conference)
Shopping Neighborhood
Shops off Broadway (NEW Five Below Tenant)
Listing Price: $10,910,000
Investment Highlights
- 100 Percent Occupied Neighborhood Shopping Center | Shadow Anchors McDonald's, Starbucks & Taco Bell
- Brand New Five Below (NASDAQ: "FIVE" Lease) | August 1 is Expected Delivery Date
- Zero Lease Rollover Until at Least 2027 | 80 Percent of the GLA is Leased Until at Least 2033 | Fresh Leasing Activity Positions the Property Well for Stability & Continued Growth under New Ownership
- Streamlined Reimbursements with No Year-End Reconciliation Obligations | Supports a More Consistent & Predictable Income Stream
- Over $220,000 in Recent Capital Expenditure Improvements | Front Main Lot Rehab & All New Parking Lot Lights | Re-Painted Entire Facility | New Landscaping | Monument Sign Rehab with New LED Backed Lighting
- Seller Invested $1.5 Million in Buildout for Eclipse Self Storage & will have Invested Over $1 Million in Five Below Buildout
- Menomonie is a College Town | Home to the University of Wisconsin-Stout Campus (NCAA Division III-WIAC Conference)
Investment Overview
THE SHOPS OFF BROADWAY is a 130,000 square foot neighborhood center that is fully stabilized offered at 100 percent occupancy. Five Below signed a new lease in February 2025 and the Seller is currently building out their new space, which is expected to be delivered to the tenant by August 1, 2025. Eclipse Self Storage signed a new 20-year lease which commenced in March 2024. In total, the Seller will have invested more than $2.5 million in buildout costs over the last two years for the two new tenants. The Nail Spa also signed an early extension in January 2025, taking on a rent increase and also adding a fixed reimbursement for CAM costs for a lease that was previously gross. The fresh leasing activity positions the property well for stability and continued growth under new ownership. The investment’s stability is further reinforced by the lack of lease rollover until 2027 and with more than 80 percent of the Gross Leasable Area being leased until at least 2033. The leases are triple net, with five of the seven tenants having fixed reimbursements without reconciliation. Investors will benefit from a streamlined reimbursement structure, with almost no year-end reconciliation obligations. This structure enhances income predictability for the future and supports a more consistent cash flow, while also minimizing time consumption for the investor. The Shops is positioned upon more than eight acres in the heart of the I-94 exit corridor. The corridor is a dense with retail, multiple hotels and car dealerships, and several quick service and fast-food restaurants that drive the traffic to this area. The center shadow anchors a McDonald’s, Starbucks and Taco Bell and is adjacent to Walgreens, Arby’s and Wendy’s. The Shops have direct exposure to almost 17,000 cars per day along north Broadway Street and over 38,000 cars per day along the interstate. The University of Wisconsin-Stout campus is located less than two miles away and is home to more than 6,900 students. The campus is 124 acres with 25 major academic buildings, 9 residence halls, and 245 laboratories.

