Overview

Description

• The tenant recently signed a brand new 20-year lease, which runs through March 2043, with 3 (5-year) additional option periods to extend
• The lease features $0.50 PSF rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation
• The lease is signed by the corporate entity (NASDAQ: ASO) and is NNN with limited landlord responsibilities
• Founded in 1938, Academy Sports + Outdoors is among the largest American sporting-goods store chain with 277+ operating stores as of 2023

• Academy Sports is strategically located fronting U.S. Highway 60 with clear visibility and access to an average of 28,400 vehicles passing by daily
• The property also benefits from direct access onto Interstate 64 (57,000 VPD), making it an ideal and centralized location
• The subject, along with Menards, serves as the anchor tenant to Tanyard Station, a 248K+ SF, newly built, Neighborhood Center
• The trade area is home to River Place (98K+ SF), Merritt Creek Farm (415K+ SF), Huntington Mall (1.6M+ SF - largest Mall in WV), and other major centers
• The additional nearby tenants include The Home Depot, Target, Kroger, Starbucks, Walmart Supercenter, and Lowe’s, among many others
• The asset is near numerous single-family communities and multi-family complexes, providing a direct residential consumer base
• The trade area is supported by over 37,200 residents and 18,400 employees
• Residents boast a healthy average household income of $89,441

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