Long Beach, CA - Vans

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, streefront retail, Class-A located, corporate guaranteed, Vans “Off the Wall” investment property located in historic Belmont Shore of Long Beach, CA (Los Angeles MSA). The tenant, VF Outdoor LLC, is a wholly owned subsidiary of VF Corporation (VFC), a publicly traded apparel company with an S&P credit rating of “A-”. VF Corporation is projected for upwards of $11.85B in revenue in 2022. VF Outdoor LLC, dba Vans, has over two years remaining in their current term with 2 (5-year) options to extend. The lease features approximately 3% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to roof (subject to warranty), structure, and utility systems, providing an ideal, low-management investment opportunity for a passive investor. This offering presents the extremely rare opportunity to acquire a generational-grade asset within a wealthy coastal neighborhood of LA County, within a dense, infill trade area with extremely high barriers to entry.

The subject property has an unmatched location within the heart of the historic Belmont Shore Shopping District along 2nd Street, a major coastal Long Beach thoroughfare averaging 40,000 vehicles passing by daily. Vans is positioned within a thriving Long Beach coastal market consisting of high disposable incomes, dense population counts, and favorable trade area co-tenancy. Belmont Shore is home to a number of national/credit tenants who have become staples within the community, including Chase Bank, Ace Hardware, Starbucks, Bank of America, Rite Aid, along with dozens of premier restaurants and boutique retailers, creating an everlasting stream of direct consumer exposure for the store. Vans itself has been operating at the site since 2009, speaking to the strength of the location. Located just minutes east of downtown Long Beach, Belmont Shore and the adjacent neighborhood of Naples have grown steadily over the years to become one of the region’s most popular day and nighttime family destinations. Just blocks from the beach, the site also boasts a high walk score for regional tourist draw as well as the surrounding college students and family residential population alike. Belmont Shore is positioned just 2.5 miles south of California State University Long Beach with more than 36,000 students currently enrolled, providing a direct consumer base from which to draw. The subject 5-mile trade area is supported by over 358,000 residents and more than 160,000 daytime employees. Residents within 1-mile of the asset boast an impressive average household income exceeding $140,000.

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Listing ID: a288X000003lonnQAA