Mid-America Net Lease Group Completes Sale of Single Tenant Net Lease PNC Bank in Milwaukee, WI

MILWAUKEE (December 27, 2011) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a double net lease for a newly renovated 1,800 square-foot freestanding PNC Bank building in Milwaukee for $1.45 million to a private investor in Florida. The seller was a local Milwaukee developer.

According to Mid-America broker Tom Fritz, whose firm was the exclusive representative for the seller in the transaction, terms included four five-year renewal options, each with a rent increase of 10% every five years, with 10 years remaining on the initial term.  

The bank building was completely renovated in 2011 to include a new heating, ventilation, and air conditioning (HVAC), roof, parking lot landscaping and a reconditioned structure, with PNC recently opening in December 2011. The bank is located at 275 E. Capitol Drive, which is the primary east-west commercial thoroughfare for northern Milwaukee. The bank is roughly 1.5 miles northeast from the University of Wisconsin – Milwaukee, and approx 3.5 miles north of downtown Milwaukee. Situated in the heart of the trade area, PNC is flanked by Aldi directly to the west and a 21,000 square foot strip center directly to the south, featuring DOTS, Subway, GameStop and Shoe Time.

Tom Fritz, Mark Goldberg, Bill Wright, and Dan Cohen comprised the Mid-America team representing the seller.

Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is a full-service retail real estate organization that has become the Midwest’s leader in retail investment sales. For more information, call (630) 954-7300 or visit http://www.midamericagrp.com/netlease.html 

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