Spanish Fort, AL - Kohl's

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a NNN leased, freestanding, Kohl’s investment property located in Spanish Fort, AL (Mobile MSA). The tenant, Kohl’s, Inc., has over 4 years of firm term remaining with an additional 6 (5-year) option periods left to extend. The lease features 5% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity and
is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1927, Kohl’s is a leading American department store retail chain with over 1,100 operating stores throughout 49 states.

Kohl’s is strategically located along Town Center Avenue with direct access to US Highway 98 (41,700 VPD) and US Highway 31 (23,700 VPD). The site benefits from nearby access onto Interstate 10 (59,400 VPD), providing direct access into Mobile, AL and connecting the MSA. Kohl’s is ideally situated as a co-anchor to Spanish Fort Town Center, a 461K+ SF Lifestyle Center also anchored by Bass Pro Shops. The property is also within direct proximity to Jubilee Square (511K+ SF), Eastern Shore Park (385K+ SF), and Eastern Shore Plaza (267K+ SF). The surrounding national/credit tenants include The Home Depot, AMC Theaters, ALDI, Walmart Supercenter, Publix, Lowe’s, and Sam’s Club, among many others. The strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is near numerous single-family communities and multi-family complexes including The Kensley (104 units), The Vinings at Spanish Fort (240 units), The Arlington at Eastern Shore (300 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 43,100 residents and 19,700 daytime employees, with residents boasting an affluent average household income of $106,757.