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Big Lots | 20-Year Absolute NNN Lease With 2% Annual Increases

$3,071,278

1990 South Academy Boulevard, Colorado Springs, CO

Active
Last Updated: 10/02/2024

6.25

Cap Rate

191,955

NOI

Details:
Cap Rate:    6.25%
NOI:    $191,955
Building Size:    24,625 sqft
Lease Type:    Absolute Net
Year Built:    1984
Price Per Sqft:    $124.72
Zoning:    PBC CU AO
Investment Strategy:    Value Add
Lease Expire Year:    August 25, 2023
Highlights:
  • PREMIER TENANT
  • OPTIMAL NET-LEASE STRUCTURE
  • FAVORABLE RENEWAL TERMS & ATTRACTIVE NOI GROWTH
  • STRONG REAL ESTATE FUNDAMENTALS
  • ATTRACTIVE DEMOGRAPHIC PROFILES
  • APPEALING RENTAL RATES & ACQUISITION BASIS
  • FREE & CLEAR OF FINANCING
  • STRONG INTRINSIC VALUE
  • OFFERED AS SUB-PORTFOLIOS OR A PORTFOLIO
  • VALUE-ADD POTENTIAL
Description:

CBRE Inc., on behalf of Owner as its exclusive advisor, is pleased to offer for sale the Retail Store Portfolio (the “Properties” or the “Portfolio”), consisting of 22 total assets across 7 states. The Properties are leased on an absolute NNN basis with a corporate guarantee from Big Lots, Inc. (NYSE: “BIG”). The primary lease term is 20 years with 2.0% annual increases throughout the initial term and options. The Properties’ optimal lease structure, attractive escalations, and secure, long-term cash flow from a leading national, essential retailer provide for an excellent investment opportunity.

Located within established corridors, the Properties are surrounded by numerous national retail and industrial users with sizable populations and attractive demographic profiles. The Properties also encompass prime retail real estate in excellent investment markets throughout the United States with strong real estate fundamentals

RETAIL STORE PORTFOLIO – AVAILABLE INDIVIDUALLY
The Portfolio includes 22 properties totaling over 600,000 square feet of GLA on nearly 55 acres of land. The Portfolio properties are proven, long-standing retail locations that have demonstrated strong individual store sales. The Portfolio covers 7 states, with a substantial concentration in California, accounting for 13 locations and approximately 56% of the Portfolio base square footage. The primary lease term is 20 years with a cumulative NOI of $6,276,101/year. Based on estimated gross leaseable area, this equates to average rents of approximately $10.00/sf, which is significantly below market for most locations

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