Tulsa, OK - REI

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, REI investment property located in Tulsa, Oklahoma. The tenant, REI, has over 9 years of lease term remaining with 4 (5-year) options to extend, demonstrating their 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 NN with limited landlord responsibilities making it an ideal, low management investment opportunity for a passive investor.

The REI is located near the signalized, hard corner intersection of West 71st Street S and U.S. Highway 75 which combine to average over 120,500 vehicles passing by daily. West 71st Street is a major retail thoroughfare serving the city of Tulsa. The REI anchored center also features a Dutch Bros, Quick Quack Car Wash, Chase Bank, Sherwin-Williams, Smalls Sliders, as well as another pad site, increasing consumer draw to the subject property. The asset is located less than a mile from Tulsa Hills Shopping Center, a 494,000+ square foot Target and Lowe’s Home Improvement anchored center, that features national/credit tenants such as DICK’S Sporting Goods, Ulta, PetSmart, Staples, Belk, Five Below, and others. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Sam’s Club, Best Buy, Buffalo Wild Wings, Chick-fil-A, Starbucks, Whataburger, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 143,500 residents and 91,800 employees with an average household income of $105,308, providing a direct consumer base from which the asset can draw upon.