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Kohl’s, Surprise , AZ

Kohl’s

Arizona, USA

Price $15,055,000
Cap Rate
NOI
Lease Term 10 Years Remaining
Lease Type Net, With Tenant Responsible For All Taxes, Utilities, Insurance, And Maintenance, Excluding Roof, Structural Maintenance, And Parking Lot
Rental Increases Contact For Details
Year Built 2003
Building Size 89,047 SF
Lot Size 9.31 Acres (405,676 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG TERM CORPORATE LEASE TO INVESTMENT GRADE TENANT
» Kohl’s (NYSE: “KSS”) is a leading omnichannel retailer with more than 1,100 stores in 49 states
» Listed on both the S&P 500 and the Fortune 500
» Annual revenue of $15.96 billion
» Investment grade tenant, rated “BBB-” by S&P and “Baa2” by Moody’s
» Among the largest department store chains in the United States
» High-quality roof replacement completed in 2022 with new 10 year warranty

PROMINENT HIGH-TRAFFIC LOCATION ON MAIN RETAIL CORRIDOR
» Kohl’s is located at the signalized hard corner of West Bell Road and North Litchfield Road (68,179 AADT combined)
» Convenient access to U.S. Route 60/West Grand Avenue (70,171 AADT)
» Located within a shopping center in Surprise’s main retail corridor and surrounded by major retailers including Walmart Supercenter, Target, Sprouts Farmers Market, Trader
Joe’s, The Home Depot, Lowe’s Home Improvement, Dutch Bros Coffee, Chipotle, and many more
» Walking distance to The Village at West Point (167 units) and La Borgata apartments (142 units)
» One mile from Destiny Springs Healthcare (90 beds, 68,000 SF behavioral health hospital) and three miles from Banner Del E Webb Medical Center (390 beds) and Abrazo Surprise Hospital (8 beds)
» Minutes from West Mec College University (35,700 students), Valley Vista High School (2,620 students), and Surprise Elementary School (874 students)
» Four miles from Dysart School District (1,610 employees), the largest employer in Surprise

GROWING PHOENIX MSA SUBMARKET
» Population of 217,468 within a five-mile radius of the property (13 percent increase since 2010)
» Prime location with an average household income of $77,160 within five miles and projected to increase 15 percent by 2026, poising Kohl’s and Surprise for significant concurrent growth
» Gateway to Downtown Phoenix, the largest city in Arizona and fifth largest in the United States (1.6 million residents)
» Surprise is part of the largest metropolitan area in Southwestern United States and the 11th largest metro area by population in the United States, (approximately 4.85 million people as of 2020)
» Beneficial proximity to Phoenix Sky Harbor International Airport (PHX), the largest airport in Arizona with 38.8 million annual passengers and one of the busiest airports in the United States


Property Description

SOLD

Kohl’s is located at the signalized hard corner of West Bell Road and North Litchfield Road (68,179 AADT combined). The site offers convenient access to U.S. Route 60/West Grand Avenue (70,171 AADT), increasing traffic in the area. The property is located within a shopping center in Surprise’s main retail corridor and surrounded by major retailers including Walmart Supercenter, Target, Sprouts Farmers Market, Trader Joe’s, The Home Depot, Lowe’s Home Improvement, Dutch Bros Coffee, Chipotle, and many more. The property is within walking distance to The Village at West Point (167 units) and La Borgata apartments (142 units). The site is one mile from Destiny Springs Healthcare (90 beds, 68,000 SF behavioral health hospital) and three miles from Banner Del E Webb Medical Center (390 beds) and Abrazo Surprise Hospital (8 beds). The property is close to several large schools, including Valley Vista High School (2,620 students), Surprise Elementary School (874 students), and West Point Elementary School (809 students). Additionally, the property is minutes from West Mec College University (35,700 students). The site is four miles from the largest employer in Surprise, Dysart School District (1,610 employees).

The property is centrally located in the growing Phoenix, Arizona submarket. 217,468 residents live within a five-mile radius of the property (a 13 percent increase since 2010). The property is in a prime location with an average household income of $77,160 within five miles and is projected to increase 15 percent by 2026, poising Kohl’s and the Surprise for significant concurrent growth. The site maintains beneficial proximity to Phoenix Sky Harbor International Airport (PHX), the largest airport in Arizona with 38.8 million annual passengers and one of the busiest airports in the United States. The location is a gateway to Downtown Phoenix, the largest city in Arizona and the fifth largest in the United States (1.6 million residents). Surprise is part of the largest metropolitan area in Southwestern United States and the 11th largest metro area by population in the United States, with approximately 4.85 million people as of 2020.

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