Wisconsin’s Alpine Valley Music Theatre Listed For Sale

Alpine Valley Music Theatre in East Troy, WI has hosted hundreds of concerts from the likes of the Grateful Dead, Phish, the Dave Matthews Band, Jimmy Buffett and many others since it opened in 1977. The 37,000-capacity amphitheater, currently owned by Milwaukee’s Zilber Property Group, is available for purchase with the asking price listed as $8,437,500.

[Photo by Dave Vann]

While Zilber owns the 198-acre property, it leases the venue to Live Nation, who puts on the concerts at the shed. There are approximately five and a half years left on Live Nation’s lease and the landlord is not responsible for the maintenance, repair and replacement of the Property for the duration of the lease term. “This is an asset Zilber Property Group has owned for nearly 20 years, and we want to continue to focus on our core competencies, which is industrial, office and home development,” said John Kersey, vice president of Zilber Property, as per Milwaukee Business Journal.

A listing for the property details “highlights” of interest to potential purchasers:

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