This Retail Property is Off-Market.

1301 Beaver Creek Commons Drive
Apex, NC 27502 ·

101,360 SF · Retail For Sale

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Kohl's | Abs NNN Ground Lease W/ 15+ Yrs | $74 PSF

Price N/A Occupancy 100%
Building Size 101,360 SF Tenancy Single
Property Type Retail Property on Ground Lease? Yes
Property Sub-type
Free Standing Bldg
More...
  • Anchor
Year Built 2007
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 9.74 AC
Cap Rate 6.15%
Listing ID: 17818867 Date Created: 09/04/2012 Last Updated: 04/22/2013

Description

Faris Lee Invesments is pleased to offer for sale the leased fee (land) interest in a Single Tenant, Corporate backed Absolute NNN Ground Leased Kohl' s, located in Apex (Raleigh), North Carolina. Kohl' s 2012 Revenue of $18.8 Billion, 2012 Net Income of $1.2 Billion, 2012 Net Worth of $6.5 Billion, and S&P Credit Rating: BBB+. The proeprty is 100% leased to Kohl's Department Stores, Inc with approximately 15 years remaining of lease term on a (20) year lease, and approximately 30 years of options with increases. This offering is being offered below replacement cost, with a rent basis far below market rent for this trade area.

The property is ideally located near the intersection of US Highway 64 and State Highway 55 (60,600 vehicles per day), and is adjacent to the I-540 extension (opening in 2013). The site benefits from its strong retail location with nearby national tenants including, Super Target, Lowe' s, Home Depot, AC Moore, Offi ce Max, PetSmart, Dick' s Sporting Goods, TJ Maxx, HomeGoods, Regal Cinemas, Lifetime Fitness, and Old Navy. These national tenants create strong crossover shopping and excellent tenant synergy for the surrounding area. The property also benefi ts from excellent street frontage and visibility along Beaver Creek Commons Drive. In addition, there are over 108,000 people within a 5-mile radius, with an average household income in excess of $110,000.

Highlights

  • Fee Simple Absolute NNN Ground Leased Kohl's - 15+ Years Remain + Option Terms with Increases | Self Contained Parcel with no REA/CAM
  • Tremendous Security for the Investor: Kohl's (NYSE: KSS), BBB+ Investment Grade Credit Tenant, $18.8B in Revenues
  • Extremely Low PSF Investment Opportunity, Offered Below Replacement Cost: $74 PSF / Rent Basis of $.38PSF/Month ($4.58PSF/Year)
  • Available Free & Clear of Debt | Also Available with In-Place Financing: $1.84M Cash Required (24%), Non Recourse Financing Due in 2017
  • Excellent Retail Location & Synergy: The Beaver Creek Corridor is the Dominant Retail Destination in the Region | Ideally Located in a Raleigh MSA
  • Ideal 1031 Exchange Property: Zero Landlord Responsibilities | Kohl's Directly Responsibile for All Expenses Including Roof & Structure

Research

1301 Beaver Creek Commons Drive, Apex, NC 27502 (Wake County)

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