Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a single tenant, Sportsman’s Warehouse investment property located in East Wenatchee, Washington. The tenant, Sportsman’s Warehouse, Inc, has occupied the property for over 10 years and recently extended its lease through 2033 with 3 (5-year) options to extend. The lease features 5% rental increases at the beginning of each option period, growing NOI and hedging against inflation. Sportsman’s Warehouse is a top sporting goods retailer in the United States. The company closed out a strong 2022 with $1.40 billion in revenue and EBIT over $858 million. Sportsman’s Warehouse currently operates 146 locations across the United States. (NASDAQ: SPWH) is a publicly traded company with a current market cap of $200 million as of Oct-2023.

Sportsman’s Warehouse is strategically located just off State Highway 28 (35,000 VPD) with direct roundabout access to State Highway 285 (56,000 VPD). The site benefits from excellent visibility via significant street frontage, a large pylon sign, and multiple points of ingress/egress. Furthermore, the subject property is ideally located within the Wenatchee Valley Mall (340,000+ SF), the largest mall in Wenatchee with anchor tenants including Marshalls, Ross Dress for Less, Macy’s, Grocery Outlet, Pet Smart, and over 40 specialty stores. The Wenatchee Valley Mall serves over 2.3 million visitors per year. Other nearby national/credit tenants include Costco Wholesale, Safeway, Fred Meyer, Fairfield Inn & Suites, Petco, and Hobby Lobby. Strong tenant synergy increases consumer draw to the immediate trade area and provides crossover store exposure to the site. The 5-Mile Trade area is supported by 75,276 residents boasting a healthy average household income of $101,605, providing a steady, consistent consumer base to draw from.

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