Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, corporate signed WSS Shoes property located in Phoenix, Arizona. The tenant recently recently signed a brand new 11-year lease term with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increase in March 2029, as well as 10% increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed the corporate entity and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. A new roof was installed in 2024, which includes a 2-year full contractor warranty, as well as a 10-year manufacturer warranty. Foot Locker Inc. (NYSE: FL) recently purchased WSS and now serves as the parent company.

Owner/Agent: Members of the selling entity, Exclusive Listing Broker, are owners of this property

The WSS is strategically located near the signalized, hard-corner intersection of S. Central Avenue and W. Southern Avenue, which averages a combined 59,700 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large monument sign along S. Central Ave (25,000 VPD). The property is located adjacent to Foothill Shopping Center, a 78,000 square foot center anchored by Los Altos Ranch Markets and Harbor Freight Tools. Furthermore, the subject property is ideally situated within a dense retail corridor, with numerous nearby national/credit tenants including Safeway, Lowe’s, Food City, Circle K, Family Dollar, O’Reilly Auto Parts, Autozone, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Additionally, the CVS is located near South Mountain High School (2,175 students), further increasing consumer traffic to the site. The 5-mile trade area is supported by roughly 210,000 residents and 185,000 employees, providing a direct consumer base from which to draw. Residents within 3 miles of the site boast a stable average household income of $88,508.

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