PINE TREE PLAZA

2900 Deerfield Dr, Janesville, WI 53546
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Gross SQFT
184,834
Occupancy
82.1%
NOI
$1,665,956
Property Type
Shopping Centers

Broker of Record

  • Matt Fitzgerald
  • License No. 9381054-91 (WI)
  • (866) 889-0550
  • Matthews Real Estate Investment Services, Inc.
  • 2321 Rosecrans Ave.,
    Suite 1225, El Segundo, CA 90245

INVESTMENT HIGHLIGHTS

  • IMMEDIATE VALUE-ADD OPPORTUNITY | 33k SF VACANT BOX | 30% NOI INCREASE
    An investor is presented with an immediate value-add opportunity to increase NOI by ~$492,000 (+30%) by leasing up the lone remaining vacancy, a 33,032 SF box in readily leasable condition. There is a strong existing tenancy base with 30% of the existing revenue stream derived from TJX Concepts (A2 Credit Rating) in addition to other national retailers like Michaels, Old Navy, Petco, and Famous Footwear that presents a stable floor of income. This strong tenancy base presents investors with durable cash flow while finding a backfill for the vacant 33k SF box.
  • UPSIDE IN EXISTING LEASES | WAVG SMALL SHOP RENT OF $17 NNN | 100% SMALL SHOP OCCUPANCY
    Pine Tree Plaza has 100% small shop occupancy at a WAVG in place base rent of only $17 NNN offering investors a mark to market opportunity. Of the 14 existing small shop leases, 7 expire within the next 3 years at below market rental rates with no options remaining. Recent renewals with Hollywood Nails (1.2k SF, $22 NNN) and the new lease with Maurice’s (7.8k SF, $17 NNN) are indicative of the small shop rental rates the property commands. The reported sales, which in 2021 were the best on record for many tenants, gives credence to the feasibility of aggressively marking to market small shop rents for the foreseeable future.
  • LONG STANDING ANCHOR TENANCY – COMMITMENT TO CENTER
    Pine Tree Plaza features long-standing anchor tenants including TJ Maxx, Michaels, Old Navy, and Petco that have occupied the center for 22+ years. HomeGoods came to Pine Tree Plaza in 2020 solidifying the site as the preferred location for all TJX brands in the Janesville market.
  • BEST IN CLASS SHADOW ANCHORS | HOME DEPOT, BEST BUY, ALDI, AND MORE | 3.8 MILLION VISITORS PER YEAR
    Pine Tree Plaza features best in class shadow tenants including Home Depot, Best Buy and Aldi. Other shadow users include Texas Roadhouse, Mavis Tires, Starbucks, and Buckle. All of these shadow users generate significant foot traffic to Pine Tree Plaza with an estimated 3.8 million visitors each year per Creditntell. This puts the shopping center in the top 30% nationally for shopping centers of a similar size and in the top 15% of all shopping centers in the state of Wisconsin.
  • OUTSTANDING SALES PERFORMANCE | OCCUPANCY COSTS BELOW 9%
    Pine Tree Plaza benefits from a low average in place base rent of $12 NNN coupled with strong sales performance resulting in strong occupancy costs across all tenants. TJ Maxx achieved sales of $10.7mm in 2021 and is operating at a 3% occupancy cost. All other tenants that report sales, excluding Hallmark, are operating at an occupancy cost below 9% with many local tenants having recently reported their highest sales volumes since taking occupancy.
  • INSTITUTIONALLY MAINTAINED ASSET | ALL NEW ROOFS UNDER WARRANTY UNTIL 2034+
    Pine Tree Plaza is institutionally maintained with all roofs at the property new as of 2014 and under warranty until 2034+.