Fleet Farm,
Sioux City, IA Investment Summary
| Price | $40,659,000 |
| Cap Rate | 6.85% |
| NOI | $2,785,138 |
| Lease Term | 19 Years Remaining |
| Lease Type | NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Structure |
| Rental Increases | 1% Annual Increases and 5% Increases at Start of Options |
| Year Built | 2018 |
| Building Size | 218,628 SF Retail Store and Garden Center + 5,455 SF Gas Station with C-store and Car Wash |
| Lot Size | 23.56 acres (1,026,325 SF) |
| Status | Sold |
| Lead Brokers | Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
LONG-TERM CORPORATE LEASE WITH RARE 1% ANNUAL INCREASES DURING INITIAL TERM
» 20-year initial term with scheduled annual increases and five, five-year options
» New 2018 construction, featuring a large retail store and garden center, as well as a gas station, car wash, and convenience store
» No landlord responsibilities, presenting an ideal investment opportunity for an out-ofarea investor
LOCATED IN MAJOR RETAIL SUBMARKET WITH LOW COMPETITION
» Located just off U.S. Highway 20, with excellent visibility and access to 42,014 vehicles per day
» Located within one of the busiest retail and commercial areas in the tri-state region known as Siouxland (western Iowa, southeastern South Dakota, and northeastern Nebraska)
» Near Southern Hills Mall (6 million annual visitors), Siouxland’s premier shopping destination
» Near several large shopping centers and major national retailers, including Target, Lowe’s, Hobby Lobby, Kohl’s, J.C. Penney, AMC Theaters, Hy-Vee, Sam’s Club, and many others
» The site has minimal competition, with the nearest Fleet Farm over 95 miles away
CLOSE PROXIMITY TO IMPORTANT COMMUNITY AMENITIES
» Six miles from Downtown Sioux City and 15 minutes away from Sioux Gateway Airport
» Minutes from several schools, including East High School (1,417 students), South Sioux City High School (1,210), East Middle School (1,035 students), Sunnyside Elementary School (227 students), Unity Elementary School (596 students), and the Western Iowa Tech Community College, which has a total enrollment of 6,331 students
» Close to the city’s 1,132 acres of park land and the navigational head of the Missouri River
» 10 miles from the Sergeant Floyd Monument, the nation’s first historic landmark, now housed in a 23-acre park featuring a 100-foot obelisk
Property Description
SOLD
The property is strategically located at the corner of Sunnybrook Drive and Christy Road, just off U.S. Highway 20 (42,014 vehicles per day). The property is located within a dense retail area and is the anchor of a brand-new development, which also houses Hobby Lobby. Located in one of the busiest retail and commercial areas in Sioux City, the site benefits from its proximity to Lowe’s, Target, AMC Theaters, J.C. Penney, and the Kohl’s-anchored Lakeport Commons Shopping Center. The property is also minutes from Southern Hills Mall, which draws in six (6) million annual visitors from Iowa, Nebraska, and South Dakota to the area. Other notable tenants within a five-mile radius include Walmart Supercenter, Best Buy, Marshalls, Bed Bath & Beyond, McDonald’s, Staples, Michaels, Petsmart, Chipotle, among many others.
The property is located near several important community amenities and has minimal competition, with the nearest Fleet Farm over 95 miles away. The property is six (6) miles away from Sioux Gateway Airport, less than fifteen minutes away from Downtown Sioux City, and a short drive away from Green Valley Golf Course and Whispering Creek Golf Club. Several schools are located just minutes from the property, including South Sioux High School (1,210 students), East High School (1,417 students), and Western Iowa Community College (6,331 students). The site is also next to Summit at Sunnybrook Village, a 255-unit apartment complex, and surrounded by 1,132 acres of park land.
