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.