marinette, wisconsin

RETAIL INVESTMENT OFFERING

P I N E T R E E M A L LM A R I N E T T E , W I S C O N S I N


INTRODUCTIONA Four-Anchor Regional Mall with Outstanding Redevelopment PotentialJones Lang LaSalle (JLL) is pleased to exclusively offer for sale Pine Tree Mall (the “Property” or “Offering”), an enclosed regional mall with outstanding redevelopment potential. The Property, which totals 309,612 square feet, is anchored by JC Penney, Younker’s, Dunham’s and Dollar Tree, with one vacant 97,641 square foot anchor space previously occupied by WalMart. Pine Tree Mall offers the unique opportunity to create significant value by transforming the mall into an open-air power center through the demalling of the in-line interior spaces and the redevelopment of the former WalMart space.

The Pine Tree Mall is located in the heart of the retail corridor of Marinette, at the intersection of Marinette Avenue (S.R. 41) and Roosevelt Road, in this major shipbuilding community on Green Bay.

The Property has a broad appeal to the community and draws customers from an estimated 30-mile trade area due to the following:

■ Pine Tree Mall is the only enclosed regional mall offering department store options within 50 miles of Green Bay, Wisconsin, Escanaba, Michigan and Kingsford, Michigan.

■ As a four-anchor mall, Pine Tree is the dominant retail shopping center in the trade area

■ It’s central location at the heart of the commercial market provides excellent frontage, visibility and exposure to more than 27,000 vehicles per day.

ANCHOR TENANT AREA (SF) EXPIRATION YRS REM

JCPenney 38,720 10/31/2018 3.5

Younker’s 64,168 1/31/2017 1.8

Available (Former WalMart ) 97,641 1/27/2018 2.8

Dunham’s 21,525 1/31/2020 4.8

TOTAL/WEIGHTED AVG:% OF TOTAL SF:

222,05471.7%

2.8


INVESTMENT HIGHLIGHTSIdeal Main & Main Location in Thriving CommunityThe location at the intersection of the two main commercial corridors of Marinette provides excellent exposure and visibility for tenants of the Pine Tree Mall.

Strong Leasing InterestOwnership has been approached by multiple anchor and junior box tenants seeking to enter the Marinette market and who desire to be in the mall.

Quality Building Construction and ConditionPine Tree Mall was built in 1978 and expanded and renovated in 1998. On-site parking is available currently for approximately 1,951 vehicles.

Outparcel Development PotentialOwnership believes there is potential for 2-3 outlots along Roosevelt Road and Gallagher Road which could accommodate a range of uses from single-tenant food uses to a small retail strip center. Interest in the outlots has been consistently strong.

Loyal Customer Base with Strong DemographicsNearly 100,000 people within 42,870 households live within the 30 mile trade area of the Property and earn an average household income of $63,169. This population forms the core loyal customer base with a high frequency of visits to Pine Tree Mall.

Limited CompetitionDue to its nature as the only department-store anchored retail development in the area, Pine Tree Mall, even if demalled, has very little direct competition within the trade area. The retail developments located nearby in Marinette and Menominee are complementary rather than competitive and offer a relatively low proportion of small shop space, limited fashion oriented tenants and tend to be anchored by large box discount retailers. Major tenants within five miles include WalMart Supercenter, Menard’s, Shopko, Goodwill, Aldi, Tractor Supply, Ace Hardware, Kmart and IGA Grocers.

Financial UpsideMarinette is the preferred location for retailers and restaurants looking to enter the trade area. Even with changes at the Property with WalMart and many of the in-line tenants relocating out of the center, all of the anchor tenants have expressed a desire to remain in the center while it is redeveloped and repositioned for the future. Currently, the Property is very well-positioned for demalling the interior space, as well as reconfiguring the former WalMart space. Outlot development potential for up to three new outlots also exists on the site, adding to the upside potential of the investment.

KEY PROPERTY FACTS

Address 2800 Roosevelt Drive, Marinette WI

Total Gross Leasable Area 309,612 SF

Tenants Eleven

Year Built/Expanded 1978/1998

Leased 79.9% (Including WalMart)

Land Area 33.5 Acres

FINANCIAL HIGHLIGHTS

Terms

Asking Price No Set Price

Sales Terms “As Is, Where Is” All Cash

Existing Debt No existing Assumable Debt

2015 Budgeted NOI $662,818


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LOCATIONPine Tree Mall is located at Roosevelt Road and HWY 41, sixty miles north of Green Bay on the Wisconsin/Michigan border, one hour from the home of the Packers. Marinette County is ranked among the top 20 destinations in the state for tourism, bringing in $1.3 million in annual revenue. The area is rich with cross-country skiing and snowmobiling activities during the winter season.

Shipbuilding is a major industry in the Marinette/Menominee area. Lockheed Martin Corp. and Marinette Marine Corp. recently received a $697 million contract to build two Freedom Class LCS (littoral combat ships) at the Marinette shipyard. In addition, the State of Wisconsin recently announced a $5 million program to expand

Marinette’s maritime center to solidify the strong economic growth for this industry. Ansul Chemical, another major employer in the region, is investing $10 million in their Center for Excellence, which will create hundreds of additional jobs, including high-paying engineering positions. Waupaca Foundry, Kimberly Clark and Lloyd-Flanders Furniture are also major employers in the market.

Marinette offers an inviting environment to the region with numerous entertainment activities, local festivals, art fairs, concerts, five 18-hole golf courses and a strong event schedule at Pine Tree Mall. Residents are loyal consumers who prefer to “shop local” to support local businesses and their tax base.

DEMOGRAPHIC SNAPSHOT

10 Miles 20 Miles 30 Miles

2014 Population 32,297 52,544 97,462

Households 14,309 23,031 42,870

Average HH Income $50,553 $53,388 $55,044

Avg HH Income Annual Growth Rate 2.83% 2.84% 2.95%

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Angwall Drive

Parsek Street

Roosevelt Road Marinette Avenue

Gallagher Road

BUY-RITE

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OFFERING PROCESS AND TIMELINEOffers are being sought for the purchase of Pine Tree Mall on an “as-is”,” “where-is” basis to qualified retail investors. The prospective purchaser will be selected by the Owner on the basis of: (i) price, (ii) financial strength, (iii) level of discretion to invest funds, and (iv) experience in closing similiar retail transactions. JLL will provide written notice when offers are due. No warranty of representation, express or implied, is made as to the accuracy of the information contained herein.

CONTACT INFORMATION

Rebecca WellsExecutive Vice President+1 312 848 [email protected]

Larry KilduffSenior Vice President+1 312 228 [email protected]

Michele DuganVice President+1 312 228 [email protected]

Keith LargayManaging Director+1 312 228 [email protected]

For information on debt availability:


marinette, wisconsin

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