One of the top 10 greatest places to see a concert, Alpine Valley, is up for sale. Nestled in the Wisconsin countryside near Lake Geneva, this venue has hosted a long list of amazing acts over the years including many Grateful Dead, Jimmy Buffett and Phish concerts. It’s also the last place that Stevie Ray Vaughan ever performed. His helicopter crashed leaving Alpine Valley, killing him. So, if you’ve got an extra $8.5 million dollars, how about saving a great place to see a concert.
Here’s the details from the relator page:
Stan Johnson Company is pleased to exclusively offer for sale to qualified investors, the opportunity to purchase a 100% fee-simple interest in the land and property improvements known as the Alpine Valley Music Theatre, located in East Troy, Wisconsin (the “Property”). The Alpine Valley Music Theatre has been operated for over 37 years and purchase of the asset is subject to an existing lease with Live Nation. The venue is renowned as the second largest amphitheater in the United States, with a capacity of approximately 37,000.The Alpine Valley Music Theatre is operated by Live Nation and the Tenant’s general partner is Live Nation Worldwide, Inc. (a first tier subsidiary of Live Nation Entertainment, Inc. – the publicly traded entity). The Property includes approximately 198.37 acres and has a guaranteed minimum total annual rent, including minimum ticket rental, of $675,000 as of January 1, 2015. There are approximately five and a half years (5.5 years) remaining of base lease term with no landlord responsibilities for the maintenance, repair and replacement of the Property for the duration of the lease term.
Highlights
- Nationally Renowned, Unique Landmark Concert Venue with 37+ Years of Operating History – The Alpine Valley Music Theatre is a recognized landmark and regional destination, as well as an irreplaceable asset and has been operational for over 37 years. With a capacity of approximately 37,000, the Property is the second largest amphitheater in the United States
- Operated & Leased by Best-in-Class Concert Promoter, Live Nation – Live Nation Worldwide, Inc. reported FY2013 Revenue of $5.819 billion, and had a net worth of $1.490 billion as of September 30, 2013
- Mission-Critical, Central Regional Location – The Alpine Valley Music Theatre draws concert-goers from Milwaukee (approx. 40 miles northeast) as well as the Chicagoland Area (approx. 90 miles southwest), critical to its operation as a regional concert destination
- Tenant Lease Renewal – Demonstrated Tenant commitment to the Property with an extension of the base lease term for an additional 17 years following the original base lease term expiration date
- Absolute NNN Lease Structure – The Property’s lease is landlord-favorable with no landlord responsibilities for maintenance, repair or replacement for the duration of the lease term
- Location Adjacent to Alpine Valley Resort – The Property is situated in a regional recreational destination, adjacent to the Alpine Valley Resort’s facilities including 100 hotel rooms, a golf course and a ski hill.
Price: $8,437,500
