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Chick-fil-A, Kohl’s & Firestone 50 Independence Way 112,110 SF 100% Leased Retail Building Danvers, MA 01923 $34,972,000 ($311.94/SF) 6.24% Cap Rate
Investment Highlights
- Proven Operating History with Absolute NNN Lease
- Chick-fil-A -Best in Class QSR Brand
- Firestone is Backed by a Global Industry Leader
- Chick-fil A Brand-New 15-Year Absolute NNN Ground Lease
- Kohl’s Institutional-Quality National Anchor
- Firestone - Long-Term Occupancy & Extended Lease Commitment
Executive Summary
Surmount is pleased to present the exclusive listing for a Chick-fil-A, Kohl’s & Firestone located at 50 Independence Way, Danvers, MA 01923. The Chick-fil-A consists of roughly 5,076 rentable square feet of building space on an estimated 2.25-acre parcel of land. Chick-Fil-A is subject to a 15-year Triple Net (NNN) ground lease condo, which is estimated to commence on 9/26/2026. The current annual rent is $325,000 and has scheduled increases of 10.00% Every 5 Years. The Khol’s consists of roughly 100,434 rentable square feet of building space. Kohl’s is subject to an original 25-year fee simple condo lease which commenced in 2002 but was just recently extended by 10 years. The current annual rent is $1,557,750 and has scheduled increases of 10.00% In Options. Firestone is subject to an 8+ year fee simple condo lease which originally commenced on 10/05/1989. The current annual rent is 300,000 and has a schedules 7.5% increase in May of 2031.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Department Store
Building Size
112,110 SF
Building Class
B
Year Built
2001
Price
$34,972,000
Price Per SF
$311.94
Cap Rate
6.24%
NOI
$2,182,750
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
3 Exterior
Building FAR
0.31
Lot Size
8.24 AC
Zoning
C3 - Shopping Center
Amenities
- Dedicated Turn Lane
- Food Court
- Pylon Sign
- Restaurant
- Security System
- Signage
- Wheelchair Accessible
- Air Conditioning
- On-Site Security Staff
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
20/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | DANV-000063-000000-000005-000001-000001 | Improvements Assessment | $15,316,600 |
| Land Assessment | $0 | Total Assessment | $15,316,600 |
Property Taxes
Parcel Number
DANV-000063-000000-000005-000001-000001
Land Assessment
$0
Improvements Assessment
$15,316,600
Total Assessment
$15,316,600
Contacts
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Josh Kanter -
Anthony D'Ambrosia -
Kevin Burke -
Glen Kunofsky -
Christopher Marks -
Surmount
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