Listing Summary
100% leased 39,945 SF NNN retail center for sale in Madison, WI. $668K NOI, 7.50% Cap Rate, shadow-anchored by top-performing Woodman's. Contact Lee & Associates
Full Description
Highland Gates Shopping Center – 100% Leased NNN Retail Asset for Sale in Madison, WI
Lee & Associates is pleased to exclusively present for sale Highland Gates Shopping Center, a premier 100% leased, 39,945-square-foot neighborhood retail center located at 700 S. Gammon Road, Madison, WI 53719. Positioned on a expansive 3.36-acre parcel in the highly coveted West Madison submarket, this prime commercial investment offers stable cash flow anchored by a 7.50% Cap Rate and a Net Operating Income (NOI) of $668,678.
Offered at $8,916,000 ($223/SF), Highland Gates features a diverse roster of 13 national, regional, and local retail, restaurant, medical, and service tenants—including Wingstop, Little Caesars, Subway, X-Golf, Jackson Hewitt, Prime Health Dental, Pancake Cafe, and Get It Now.
Key Investment & Asset Highlights
-
100% Occupied Triple-Net (NNN) Investment: Fully leased multi-tenant retail center providing predictable income streams with minimal landlord responsibilities across various lease terms.
-
Significant Recent Capital Improvements: Extensive owner investment ensures reduced near-term capital expenditure, including:
-
2021: Complete new roofing system installation
-
2023: Comprehensive parking lot upgrades and resurfacing
-
2025: Replacement of approximately 75% of the center's exterior concrete
-
Prime Shadow-Anchored Positioning: Located directly adjacent to a high-volume Woodman's Market—recognized as the nation's most-visited Woodman's location with approximately $144 million in annual sales.
-
Proximity to Regional Retail Hubs: Minutes from West Towne Mall, the most-visited regional shopping mall in Wisconsin, creating continuous regional consumer draw and foot traffic.
Location, Access & High-Volume Traffic
Situated at the prominent signalized hard corner of S. Gammon Road and Watts Road, Highland Gates benefits from exceptional visibility and accessibility, capturing over 17,800 vehicles per day at the intersection.
The property enjoys rapid regional connectivity, located just four minutes from U.S. Highway 14 (57,208+ vehicles per day), providing seamless transportation access to Downtown Madison, the University of Wisconsin-Madison campus, and Dane County Regional Airport.
Exceptional Demographic & Economic Profile
Highland Gates is positioned within an affluent, densely populated trade area supported by impressive consumer spending dynamics:
-
3-Mile Radius: 94,883 residents with an Average Household Income of $132,609
-
5-Mile Radius: 182,244 residents with an Average Household Income of $144,239
-
Massive Consumer Purchasing Power: Total 5-mile consumer expenditures exceed $8.62 billion annually, reinforcing long-term tenant sales performance.
-
Thriving Metropolitan Market: Located in the Greater Madison area (population ~709,700), anchored by state government headquarters, University of Wisconsin-Madison (49,000+ students), and major corporate employers in healthcare, finance, bio-tech, and technology.
Property Specifications Summary
-
Property Name: Highland Gates Shopping Center
-
Address: 700 S. Gammon Road, Madison, WI 53719
-
Offering Price: $8,916,000
-
Cap Rate: 7.50%
-
Net Operating Income (NOI): $668,678
-
Gross Leasable Area (GLA): 39,945 SF
-
Price Per Square Foot: $223 / SF
-
Lot Size: 3.36 Acres
-
Occupancy: 100%
-
Lease Structure: Triple-Net (NNN)
-
Year Built / Renovated: 1991 / 2021 / 2023 / 2025
Quick Glance
- Listing ID:
CL-Wisconsin-28793
- Status:
Active
- Year Build:
1991
- Building Size:
39,216 SqFt
- Lot Size:
3.36 Acr
-
Additional Contacts
Associate - CalDRE: 02049653
Drew Olson - dolson@lee-associates.com
(760) 448-1372
Ppal-CA01323949,NVB.1001723.INDV,AZ SE687186000
Jonathan Selznick - jselznick@lee-assoc.com
(949) 734-0243
Senior Associate - License #: SAL.20250077505
Tommy Freiburger - tfreiburger@lee-associates
(614) 404-8901