The 15,000 SF building in De Pere, WI was originally built in 1974 as a family bowling alley called Manhattan Lanes. We acquired the vacant property in 2018 for $350,000, which was at a very steep discount for the structure and location. The highway adjacent to the property maintains a traffic count of over 19,000 CPD (cars per day) and provides incredible storefront exposure to the tenants. We also significantly decreased our risk by securing an anchor tenant prior to closing the deal.
We launched a complete redevelopment of the building, including: an updated modern brick facade, new windows and doors, new roof, upgraded base building systems, new landscaping, and resurfaced parking lots. The building renovations were completed three months after acquisition.
Our total capital investment in the project, including all tenant build-outs is $1.25M. The building is now valued at more than $2M. We plan to retain this asset in our portfolio as a long-term hold. It continues to maintain a strong and positive cash flow, and we expect a continued appreciation in the property’s value.