Alpine Valley Music Theatre, a 37,000-seat outdoor concert venue on a 198-acre site near East Troy, is for sale. The asking price is $8,437,500, according to Stan Johnson Company, which says Alpine Valley is the second largest amphitheater in the U.S.
The property was put up for sale within the last month, according to John Kersey, executive vice president of Milwaukee-based Zilber Ltd., which owns the venue.
“The asset has performed very, very well for us,” Kersey said. However, “moving forward we want to focus on our core competencies of industrial and office development and home-building.”
Alpine Valley is operated by Beverly Hills, Calif.-based Live Nation Worldwide Inc., which has more than five years remaining on its lease, according to Stan Johnson Company. The guaranteed minimum total annual rent, including minimum ticket rental, is $675,000. The lease requires no landlord responsibilities for the maintenance, repair and replacement of the property.
Alpine Valley is located about 40 miles from Milwaukee and 90 miles from the Chicago area and draws its audiences from both markets.
