Caribou Coffee signed a long-term NNN lease for a portion of a retrofitted building that had previously housed a 5,000-s.f. Pepino’s Pizza & Ristorante. The building faces a major transportation artery street in Brookfield, a suburb about 14 miles from Milwaukee. The building’s redevelopment is part of a larger construction project which includes a separate 12,000-s.f. building that can house approximately six additional tenants. Caribou is the first tenant publicly announced in this development and is expected to open by late summer/early fall of this year.
Tenant: Caribou Coffee
Location: Brookfield, Wisc.
Square Footage: 1,800 s.f.
Developer/Owner: Mishkaat Investments LLC
Value: $30/s.f.
Property Type: Mixed-Use Development
One hurdle with this lease was that special approval was needed from the City of Brookfield for the buildout because the Caribou site was going to include a drive thru; thankfully the architect and the builder were able to acquire the necessary permits. The site appealed to Caribou because the traffic flow is high, with 50,000+ vehicles passing through each day. The retailer was also drawn to the favorable demographics, with a population of 36,634 within a three-mile radius and a median household income of $115M within a one-mile radius. Caribou Coffee sells numerous coffee varieties, teas and smoothies, as well as all-day breakfast bakery café items.
Property Representation:
Colliers International
833 E. Michigan, Suite 500
Milwaukee, WI 53202
Bill Quinlivan, SVP
(414) 333-2856
bill.quinlivan@colliers.com
