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Spectrum & Home Choice, Willmar, MN

Spectrum & Home Choice, Willmar, MN


Investment Summary

Price $1,912,000
Cap Rate 7.50%
NOI Spectrum: $78,400 | Home Choice: $65,000
Lease Term Spectrum: 5 years | Home Choice: 10 years
Lease Type Net lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases Various
Year Built 2016
Building Size Spectrum: 2,800 SF | Home Choice: 5,000 SF
Lot Size 1.53 acres (66,795 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

NEW NET LEASES WITH MULTIPLE EXTENSIONS TO “AMAZON-PROOF” RETAILERS
» 100% leased multi-tenant “Amazon-proof” assets
» Scheduled rental increases for both tenants in initial term and option periods
» Spectrum is a suite of advanced communications services offered by Charter Communications, Inc. (NASDAQ: “CHTR”), a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states
» Spectrum Enterprise provides highly customized, fiber-based solutions and Spectrum Reach delivers tailored advertising and production for the modern media landscape
Get-It-Now LLC, dba Home Choice is a wholly owned subsidiary of Rent-A-Center, Inc ($4.6 billion annual revenue)

LOCATED ALONG A MAJOR U.S. THOROUGHFARE CONNECTING THE CENTRAL UNITED STATES
» Easily accessible location along 1st Street South, Willmar’s primary east-west thoroughfare and a U.S. Route 71 Business Route
» U.S. Route 71 is a major north–south United States highway that extends for over 1,500 miles in the central U.S.
» 40,646 residents live within fifteen miles of the property, providing a reliable customer base for the site
» Affluent average annual household income of $89,945 within a fifteen-mile radius
» Projected population and income increases within a 5-, 10, and 15-mile radii over the next five years poise Spectrum, Home Choice, and Willmar for steady concurrent growth

INFILL LOCATION ALONG WILLMAR’S PRIMARY RETAIL CORRIDOR
» Ideal infill location surrounded by strong traffic drivers and community hubs
» Across the street from Willmar’s only Target location, driving exceptional crossover shopping directly to the site
» Excellent proximity to major national tenants such as Walmart Supercenter, Target, The Home Depot, Menards, ALDI, Kohl’s, PetSmart, Starbucks, and many more
» Gateway to Foot Lake and Willmar Lake, both popular Minnesota attractions for kayaking, fishing, and boating

Property Description

» Prime Location with Ideal Accessibility: This multi-tenant property features an easily accessible location along 1st Street South, Willmar’s primary east-west thoroughfare and a U.S. Route 71 Business Route
» Located Along Major U.S. Route: U.S. Route 71 is a major north–south United States highway that extends for over 1,500 miles in the central U.S.
» Directly Across from Major Retailer: The site is ideally set across the street from Willmar’s only Target location, driving exceptional crossover shopping directly to the site
» Large Surrounding Retail Presence: Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Target, The Home Depot, Menards, ALDI, Kohl’s, PetSmart, Starbucks, and many more, creating significant crossover shopping
» Gateway to Major Minnesota Hubs: The site greatly benefits from its location as a gateway to Foot Lake and Willmar Lake, both popular Minnesota attractions for kayaking, fishing, and boating
» Projects to be Strong Retailer for Years to Come: Projected population and income increases within a 5-, 10, and 15-mile radii over the next five years poise Spectrum, Home Choice, and Willmar for steady concurrent growth

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