Sayville, NY - Target

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, freestanding, corporate guaranteed (NYSE: TGT), investment grade (S&P: A) Target investment property located in Sayville, New York (Long Island MSA). The tenant, Target Corp., has 12 years remaining on its lease with 5 (10-year) options to extend. The lease features 4%+ increases every 5 years throughout the initial term and 10% increases at the beginning of each option period, providing a hedge against inflation. The next rental increase is in June 2027. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity. The subject property represents a large format brand concept, known as “Superstores” due to its additional amenities beyond that of a traditional Target, offering an in-house fresh grocery, CVS pharmacy, Ulta Beauty, Target Optical, Apple Experience, and Starbucks, in addition to its curbside pickup feature, providing further convenience to the consumer. Target Corporation serves as one of the most influential retail giants in the country, operating over 2,000 stores, making it the seventh-largest retailer in the U.S. with a 2025 revenue of $106 billion+.

The site is strategically situated along Sunrise Highway (115,100 VPD) with excellent visibility and access. Sunrise Highway represents the primary retail thoroughfare serving Long Island, New York, and connects the site directly to downtown New York City, the largest city in the country with 7.9 million+ residents and 19.9 million+ in its MSA, providing a dense consumer base from which to draw. Sayville is a highly sought-after suburb in Long Island, boasting healthy average household incomes of $161,634 / $160,990 / $156,213 within 1, 3, and 5 miles of the subject property. The asset performs exceptionally well, ranking in the top 91st percentile among brand locations nationwide with 2 million+ annual visits (per Placer.ai). Moreover, the tenant receives crossover retail exposure from its position at the heart of the Sunrise Highway corridor, featuring national tenants including Costco, Home Depot, Dick’s Sporting Goods, Best Buy, adjacent Ford and Subaru dealerships, and the
Shops at SunVet mall redevelopment. Located directly across Sunrise Highway, the open-air shopping center will feature 168,000 square feet of retail space set to be completed in 2025-2026. Several national tenants have already committed to the site, including Whole Foods, Nordstrom Rack, Starbucks, Aspen Dental, and more, raising the value of all surrounding retail. The 5 mile trade area is supported by over 164,600 residents and 93,300 employees.