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2013 Appraisal Institute Year in Review

2013 Appraisal Institute Year in Review. Weston J. Robertson. Wisconsin retail market overview. Drivers of retail demand. Employment. Housing/Population. Shopping/Dining. Office/Industrial Apartment/Single Family Retail Markets Markets Market. RECENT TRENDS.

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2013 Appraisal Institute Year in Review

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  1. 2013Appraisal Institute Year in Review Weston J. Robertson Wisconsin retail market overview

  2. Drivers of retail demand Employment Housing/Population Shopping/Dining Office/Industrial Apartment/Single Family Retail Markets Markets Market

  3. RECENT TRENDS Milwaukee Metro Area Madison Metro Area

  4. MOSTLY STAGNANT? Overall Retail Vacancy Rate Average Retail Rent Rate

  5. HOW ABOUT THE INVESTMENT MARKET? Band of Investment – Typical Multi-tenant Retail Surveys

  6. HOW ABOUT THE NET LEASE MARKET?

  7. THE CONSTELLATION - MADISON • Opened August 2013 • $39 million cost • 32,500 SF Commercial/Retail • 220 apartments • Google office, Star Bar, Cargo Café, Andersen Dental, and others

  8. VARSITY QUARTERS - MADISON • Scheduled Open Fall 2014 • Located near UW Campus • Project cost not disclosed • 162 bed – student housing • 7,500 SF retail

  9. 309 W JOHNSON ST - MADISON • Scheduled Summer 2015 • 600,000 SF • Over 250 apartments with over 300 bedrooms • Retail on 1st and 2nd floors

  10. 800 BLOCK OF E. WASHINGTON - MADISON • Proposed project • $65 million cost • 4.5 acres • Phase 1 • 50,000 SF grocer • 175-240 apartments • 350 parking stalls • Phase 2 • 22 owner-occupied homes • 65,000 SF retail/office • 173 parking stalls

  11. THE MAYFAIR COLLECTION - WAUWATOSA • Dick’s, Nordstrom Rack, Sak’s off 5th, ULTA, Old Navy • Phase I - 266,000 SF • $49 million cost • Expected opening Spring 2014 • Future phases to include Restaurants, a Hotel, and Mixed Use Office/Retail

  12. DREXEL TOWN SQUARE – OAK CREEK • Mixed use development • 600+ apartments • City hall, public library, farmer’s market • Meijer anchored, 191,000 SF grocery store • $175 million • $20 million TIF financing

  13. WOODMAN’S GROCERY STORE – WAUKESHA • Opened July 2013 • $7 million, $3.5 TIF financing • 243,753 square feet • Approximately 40% liquor store NORDSTROM MAYFAIR – WAUWATOSA • Opening Fall 2015 • 138,000 SF • Three stories • Addition to existing Mayfair Mall

  14. NEW MILWAUKEE RESTAURANTS Black Sheep 216 S 2nd Street Self-Serve Wines, Tapas, Haute Dogs Bel Air Cantina - Wauwatosa 6817 North Avenue, Wauwatosa Margaritas, 25 Kinds of Tacos Carson’s 1141 North Old World Third Street Steaks, BBQ

  15. NEW MILWAUKEE RESTAURANTS Anodyne Coffee Roasting 224 West Bruce Street Sandwiches, Pastries, Free Trade Coffee Wolf Peach 1818 North Hubbard Street European Fine Dining Pizza Man 2597 North Downer Avenue Italian and Specialty Pizzas

  16. WHERE DO WE GO FROM HERE? • Concern over increasing interest rates • Source projects a 50 bp interest rate increase • Continued low cap rates in the NNN market • Slow, gradual new development as space is absorbed • Minimal, if any, increase in market rents

  17. 2013Appraisal Institute Year in Review Weston J. Robertson Wisconsin retail market overview

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