The Arboretum 700 Pilgrim Way

218,323 SF 48% Leased Office Building Green Bay, WI 54304 $12,250,000 ($56/SF)

Virtual Tour

Investment Highlights

  • Seller financing is available at 3.75%. Projected 2024 NOI is $4.4 million. (Tenants and Outlot Sales).
  • Benefit from credit tenants with long-term leases in place and $2.3 million in improvements completed in 2022 to 2023 to the property.
  • The Arboretum offers the unique opportunity to own a 218,323-square-foot mixed-use structure on a 33-acre site with incredible development potential.
  • 12 outlot pad sites are available for value-add upside, zoned B-3 District, permitting multifamily, office, hotel, retail, R&D, and mixed-use combo.
  • Situated in a booming Green Bay locale near Lambeau Field, across from Simon Mall, Bay Park Square, and a few blocks from Titletown and Resch Center.
  • Significant property for the NFL Draft taking place in Green Bay 2025 where multiple uses are possible for this large event.

Executive Summary

Situated in a bustling Green Bay locale, The Arboretum at 700 Pilgrim Way is a 218,323-square-foot office and retail property on a 31-acre site near Lambeau Field. This three-story, mixed-use building was improved by $3.8 million in renovations in 2022 and 2024, including interior and exterior improvements and a 10-year roof warranty. The Arboretum comprises efficient floor plates with large open rooms, private offices, and a kitchen area with a dining hall, and is home to long-term tenants Ayres Associates Inc. and Shopko Optical. The property features modern finishes and skylights allowing abundant natural light.

Investors will benefit from recent property improvements, the existing cash flow from current credit tenants with long-term leases, and immense value-added potential through further redevelopment of the 31-acre site. 700 Pilgram Way is the largest developable parcel in proximity to Titletown, Research Center, and Bay Park Mall. A total of 12 outlot opportunities are available in this desirable mixed-use setting, boasting B-3 District zoning, which permits multifamily, office, hotel, retail, research & development, or a mixed-use combination.

The Arboretum sits in the heart of a robust commercial collective, providing unmatched access to an array of neighborhood conveniences. The property is prominently positioned across from Simon Mall and Bay Park Square and a few blocks from Lambeau Field, Titletown, Research Center, and more. Interstates 43 and 41 make this part of Wisconsin extremely accessible, and employees, residents, and visitors alike appreciate the direct access to the Green Bay Austin Straubel International Airport.

Green Bay is unique in its sense of comradery, thanks to Lambeau Field, home of the Green Bay Packers, positioned at its core. The City of Green Bay is at the southernmost point of the Green Bay, branching off from Lake Michigan. This lively suburb features everything from waterfront views and sporting events to wooded suburban streets and wildlife refuges.

Sale Flyer

Data Room Click Here to Access

Financial Summary (Pro forma - 2024) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Property Facts

Sale Type
Investment
Sale Conditions
1031 Exchange
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
218,323 SF
Building Class
B
Year Built
1987
Price
$12,250,000
Price Per SF
$56
Percent Leased
48%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
72,774 SF
Slab To Slab
15’
Building FAR
0.16
Lot Size
31.44 AC
Opportunity Zone
Yes
Zoning
B-3 - B-3 Business District
Parking
1,025 Spaces (4.69 Spaces per 1,000 SF Leased)

Amenities

  • Basement
  • Natural Light
  • Partitioned Offices
  • Secure Storage
  • Drop Ceiling
  • Wi-Fi
  • Monument Signage
  • Air Conditioning

MAJOR TENANTS Click Here to Access

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Ayres Associates, Inc.
  • Professional, Scientific, and Technical Services
  • 99,999 SF
  • $9.99
  • Lorem Ipsum
  • Jan 0000
  • Shopko Optical
  • Health Care and Social Assistance
  • 99,999 SF
  • $9.99
  • Lorem Ipsum
  • Jan 0000
Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Ayres Associates, Inc. Professional, Scientific, and Technical Services 99,999 SF $9.99 Lorem Ipsum Jan 0000
Shopko Optical Health Care and Social Assistance 99,999 SF $9.99 Lorem Ipsum Jan 0000

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • Lower Level
  • 2,000-56,681 SF
  • Flex
  • -
  • Now
  • 1st Fl-Ste East
  • 5,000-14,071 SF
  • Office/Retail
  • Full Build-Out
  • Now

First Floor East Wing features a commercial kitchen, dinning hall, skylights, private offices, flex space, open office and access to the loading docks.

  • 1st Fl-Ste West
  • 5,000-16,023 SF
  • Office
  • Full Build-Out
  • Now

First Floor West Wing features a main lobby with skylights, private offices, conference rooms, open office, and flex space.

  • 2nd Fl-Ste West
  • 5,000-26,456 SF
  • Office/Retail
  • -
  • Now

Combination of open office and private offices for flexible workspace. Equipped with 14 private offices, 9 conference/training rooms.

Space Size Space Use Condition Available
Lower Level 2,000-56,681 SF Flex - Now
1st Fl-Ste East 5,000-14,071 SF Office/Retail Full Build-Out Now
1st Fl-Ste West 5,000-16,023 SF Office Full Build-Out Now
2nd Fl-Ste West 5,000-26,456 SF Office/Retail - Now

Lower Level

Size
2,000-56,681 SF
Space Use
Flex
Condition
-
Available
Now

1st Fl-Ste East

Size
5,000-14,071 SF
Space Use
Office/Retail
Condition
Full Build-Out
Available
Now

1st Fl-Ste West

Size
5,000-16,023 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

2nd Fl-Ste West

Size
5,000-26,456 SF
Space Use
Office/Retail
Condition
-
Available
Now

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
2020 Population
3,726
68,912
157,421
2024 Population
4,305
69,296
158,974
Population Growth '20-'24
15.5%
0.6%
1.0%
2020 Households
1,892
29,405
66,105
2024 Households
2,215
29,701
66,929
Household Growth '20-'24
17.1%
1.0%
1.3%
Average Age
42
41
39
Median Household Income
$35,413
$61,020
$59,492
Daytime Employees
13,152
68,218
126,499
Total Businesses
1,064
5,300
9,889
College Degree + Higher
24%
30%
27%

Nearby Amenities

Restaurants

Breadsmith Bakery $ 8 min walk
Stir Fry 88 - - 9 min walk
Charleys Philly Steaks - - 9 min walk
Nori Japan - - 9 min walk
Chick-Fil-A - - 9 min walk
Gloria Jean's Coffees Coffee $ 9 min walk
Maldonado's Mexican $ 9 min walk
Sbarro Italian - 9 min walk
Pizza Ranch - - 11 min walk
Starbucks Cafe $ 10 min walk

Retail

Shopko Optical Optical In Building
Cellcom Consumer Electronics 5 min walk
Ashley Furniture/Mattress 6 min walk
Kohl's Dept Store 6 min walk
Nicolet National Bank Bank 7 min walk
Marcus Theatres Cinema 6 min walk
Dave & Busters Arcade 9 min walk
Carter's Children Apparel 9 min walk
Old Navy Unisex Apparel 9 min walk

Hotels

My Place
64 rooms
3 min drive
Home2 Suites by Hilton
92 rooms
4 min drive

PROPERTY TAXES

Sale Advisors

Sale Advisors

(248) 988-9341
Contact
Murray Wikol, CEO
(248) 988-9341
Contact
Responsible for the development, ownership, finance and management of businesses and real estate valued in excess of $10.4 Billion. Recognized leader in the operations, equity/debt fundraising, sales/marketing, and strategic planning aspects of corporate, public sector, and health care initiatives.
(248) 988-9341 x1104
Contact
Kenyotta Brown, Asset Manager
(248) 988-9341 x1104
Contact
Project and Asset Manager at ProVisions, LLC in Troy, Michigan.
  • Listing ID: 30186193

  • Date on Market: 11/29/2023

  • Last Updated:

  • Address: 700 Pilgrim Way, Green Bay, WI 54304