Surprise, AZ - Kohl's

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Kohl’s investment property located in Surprise, Arizona. The tenant, Kohl’s, has over 6 years of initial term remaining with 8 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.5% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Additionally, the tenant’s rent is well below market at $9.33 PSF, providing investors with significant rent growth potential. The property’s roof was replaced in 2022 and has ~6 years remaining on the roof warranty.

The Kohl’s is located at the signalized, hard corner intersection of W Bell Road and N Litchfield Road which combine to average over 66,900 vehicles passing by daily. W Bell Road is a major retail thoroughfare serving the city of Surprise. The property is located across from the Surprise City Center development area, which will feature over 550 acres of recreational, retail, and housing developments (see more information here). The asset is less than a mile from Surprise Towne Center & Marketplace, which features national/credit tenants such as a Walmart Supercenter, Home Depot, PetSmart, Burlington, Taco Bell, and Panda Express. In addition, the subject property is in close proximity to Surprise Marketplace, a Target and Lowe’s anchored center with other national/credit tenants including Ulta, Barnes & Noble, ALDI, Ross, Chick-fil-A, and Olive Garden. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Fry’s, Planet Fitness, Sam’s Club, Raising Cane’s, In-N-Out, Panera Bread, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 228,800 residents and 44,400 employees with an average household income of $103,831.

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Listing ID: a28TP0000034A5VYAU