Investment Summary
Price | $9,662,699 |
Cap Rate | |
NOI | |
Lease Term | 11 Years Remaining |
Lease Type | NNN Lease, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Excluding Roof, Structure and Parking Lot Replacement |
Rental Increases | Rental Increases in Option Periods |
Year Built | 2001 |
Building Size | 86,584 SF |
Lot Size | 8.61 Acres (375,108 SF) |
Status | Sold |
Lead Brokers | Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
LONG-TERM NET LEASE TO ICONIC TENANT WITH STRONG FINANCIALS
» Kohl’s (NYSE: “KSS”) is a leading omnichannel retailer with more than 1,100 stores in 49 states
» Recent 10 Year Lease Extension
» Listed on both the S&P 500 and the Fortune 500
» Annual revenue of $19.1 billion
» Investment grade tenant, rated “BBB-” by S&P and “Baa2” by Moody’s
» Among the largest department store chains in the U.S.
HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Conveniently located at the signalized intersection of South Broadway Avenue and 25th Street Southeast, with excellent visibility and access to 45,500 vehicles per day
» Immediate access to U.S. Highway 52, with a high traffic volume of 52,000 vehicles per day near the property
» The property anchors a large shopping center featuring well-known national brands, including Bed Bath & Beyond, Michaels, Five Below, DSW, Massage Envy, and more
» Located along one of Rochester’s primary retail corridors, the property is surrounded by major retailers, including Walmart Supercenter, Menards, Shopko, Marshalls, Target, Lowe’s, and Fleet Farm
CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Centrally located approximately three miles from Downtown Rochester, where many of Mayo Clinic’s facilities are located
» Forming the core of Rochester’s economy, Mayo Clinic employs 35,249 and draws more than two million visitors annually
» The neighborhood around Mayo Clinic is currently being developed per the Destination Medical Center (DMC) initiative, a unique 20-year economic development plan that is expected to create more than 30,000 new jobs and generate approximately $7.5 to $8.0 billion in new net tax revenue over 35 years
» Supported by affluent demographics; the average household income within one mile of the property is $111,644, and average household incomes within three- and five-mile radii are above $96,000
» Located in a densely populated area, with 93,653 residents living within a five-mile radius
Property Description
SOLD
The property is conveniently located at the signalized intersection of South Broadway Avenue and 25th Street Southeast, with excellent visibility and access to 45,500 vehicles per day. The property enjoys immediate access to U.S. Highway 52, with a high-traffic volume of 52,000 vehicles per day near the property. The property anchors a large shopping center featuring well-known national brands, including Bed Bath & Beyond, Michaels, Five Below, DSW, Massage Envy, and more. Located along one of Rochester’s primary retail corridors, the property is surrounded by major retailers, including Walmart Supercenter, Menards, Shopko, Marshalls, Target, Lowe’s, and Fleet Farm.
The property is centrally located approximately three miles from Downtown Rochester, where many of Mayo Clinic’s facilities are located. Forming the core of Rochester’s economy, Mayo Clinic employs 35,249 and draws more than two million visitors annually. The neighborhood around Mayo Clinic is currently being developed per the Destination Medical Center (DMC) initiative, a unique 20-year economic development plan that is expected to create more than 30,000 new jobs and generate approximately $7.5 to $8.0 billion in new net tax revenue over 35 years. The site’s strong customer base is created by the property’s proximity to Downtown Rochester and by the affluent residential neighborhoods with robust demographics surrounding the area. The average household income within one mile of the property is $111,644, and average household incomes within three- and five-mile radii are above $96,000. Additionally, the property is located in a densely populated area, with 93,653 residents living within a five-mile radius.