King of Prussia, PA - AT&T

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, AT&T investment property located in King of Prussia, Pennsylvania (Philadelphia MSA). The tenant recently signed a brand new 10-year lease with 2 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment for a passive investor. AT&T helps more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses.

The asset is strategically located at the signalized, hard corner intersection of Wilson Road and West Dekalb Pike which serves over 34,000 vehicles per day. Furthermore, the site benefits from nearby access to Interstate 276 (69,300 VPD), Interstate 76 (127,500 VPD), and U.S. Highway 422 (84,600 VPD), making this an ideal, centralized location with easy commutes. The site is ideally positioned adjacent to King of Prussia Mall, a 3,000,000 SF regional mall anchored by Nordstrom, Bloomingdales, Neiman Marcus, Wayfair, Dicks Sporting Goods, and more. King of Prussia Mall is the largest mall in Pennsylvania and the 3rd largest mall in the
United States, further increasing consumer traffic to the trade area. The Nordstrom located at the King of Prussia Mall ranks in the top 89% percentile amongst other Nordstroms nationwide, per Placer.ai Other nearby national/credit tenants include Target, Walmart Supercenter, Costco, Hobby Lobby, Home Depot, Nordstrom Rack, REI, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and supports crossover tenant exposure to the site. Moreover,
the asset is within walking distance from multiple apartment complexes including Abrams Run Apartments (192 units), Kingswood Apartments (770 units), Canvas
(231 units), and more, providing a direct residential consumer base from which to draw. Located 19 miles from downtown Philadelphia, the 5-mile subject trade area is supported by more than 195,000 residents and 180,000 daytime employees who earn an affluent average household income of more than $157,000.