Fleet Farm storefront – Germantown, WI
Two-Tenant · Absolute NNN · Milwaukee MSA

Fleet Farm & Chase Bank.
Anchored Income.





Landmark commercial real estate investment
N96 W18200 County Line Rd · Milwaukee (MSA), 53022
Price
$33,000,000
$185.60 / SF
Cap Rate
6.46%
NOI $2,131,172
Building
181,048 SF
17.83 AC · Single story
Lease Term
15.5 yrs
Absolute NNN · 2% bumps
Investment Highlights

A rare two-tenant net-lease asset in the retail suburb of Milwaukee (MSA).

and present a fee-simple acquisition of a Fleet Farm anchor and newly-constructed Chase Bank outlot — an income-stable, inflation-hedged portfolio addition in the Milwaukee MSA.



01 — Anchor

Fleet Farm: $1B+ sales, Costco-like wholesaler.

Anchor includes a full-size store, gas station, car wash, rentals and auto repair — institutionally owned by Golub Capital (NASDAQ: GBDC, $90B+ AUM).

02 — Outlot

JPMorgan Chase, AA- credit, brand-new build.

Largest bank globally with $4.4 trillion in assets. Chase specifically targeted this signalized intersection in front of Fleet Farm.

03 — Lease

15.5-year NNN leases with rare rent escalations.

Fleet Farm 2.00% annual increases through Q4 2041 + four 5-yr options. Chase 10% periodic increases through Q4 2039 + three 5-yr options.

04 — Location

Dense commercial corridor off I-41, signalized.

Highly visible intersection with exposure to over 87,800 daily passing vehicles and limited big-box availability in a high barrier-to-entry market.

05 — Demographics

331,141 residents within 10 miles, $109K AHI.

Affluent trade area with $4.2B+ annual consumer spending. 10-minute drive to downtown Milwaukee.

06 — Brand

Local hero. Sponsors Packers and Brewers.

Fleet Farm operates 50+ locations across WI, MN, IA, ND, SD and offers brand-labeled Visa cards — a true Midwest institution since 1955.

Property Facts

The numbers behind a 17.83-acre Midwest anchor.

Sale Type
Investment NNN
Property Type
Retail · Freestanding
Building Size
181,048 SF
Year Built / Renovated
1980 / 2025
Building Class
A
Stories
1
Lot Size
17.83 AC (Building FAR 0.24)
Zoning
B-3 · Business Corridor
Parking
450 spaces · 2.49 / 1,000 SF
Tenancy
Two-tenant · Anchored
Listing ID
39995088
On Market
April 2026
Major Tenants

Two operators. One signalized intersection.

A long-term Fleet Farm lease — secured by one of the Midwest's strongest regional retailers — paired with a brand-new JPMorgan Chase outlot.

Fleet Farm
SF Occupied
~181,048 SF
Lease End
Q4 2041
Escalations
2.00% / yr
Options
4 × 5-yr

Serving hardworking families since 1955, Fleet Farm is the Midwest's one-stop general store — combining the heart of a hometown shop with the expertise and selection of a specialty retailer. The Germantown location includes the full-size store, gas station, car wash, rentals and auto service.

Chase Bank
Lease End
Q4 2039
Credit
AA- (S&P)
Options
3 × 5-yr

JPMorgan Chase (NYSE: JPM) — the largest bank globally with $4.4T in assets — opened this brand-new outlot in Q4 2024 after specifically targeting the intersection in front of the Fleet Farm anchor.

Aerial Photos
Demographics & Trade Area

Affluent, growing, and ten minutes from downtown Milwaukee.

2025 Population
36,075
+0.8% projected growth to 2030
Avg. Household Income
$113,169
Median $93,603 · 41% college+
Daytime Employees
26,736
2,240 total businesses
Consumer Spending
$520.2M
Avg. home value $385,308
87,800+ daily passing vehicles · I-41 corridor
100/100 Drive Score · exceptionally drivable
10 min drive to downtown Milwaukee

Request Offering Memo

MB
Matt Berres
Vice Chairman ·
(949) 244-6644
KM
Kyle Miller
Executive Managing Director ·
(213) 298-3597
WB
William Bauman
Vice Chairman ·
(213) 298-3593
AD
Aldy Damian
President & CEO ·
(310) 717-6932

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