KOHL'S AT SPRINGFIELD VILLAGE
KOHL’S AT SPRINGFIELD VILLAGE
1505 SPRINGFIELD DRIVE | CHICO, CA 95928 $7,300,000 | Absolute Triple Net (NNN) Ground Lease 5.75% Cap Rate | ±88,408 Square Feet
Gary Gallelli | 916.784.2700 | [email protected] Mickey Turpen | 916.784.2700 | [email protected] Alvin Mansour | 858.373.3184 | [email protected] Kevin Mansour | 858.373.3187 | [email protected]
KOHL’S AT SPRINGFIELD VILLAGE
1505 SPRINGFIELD DRIVE | CHICO, CA
The Opportunity Opportunity
Chico Mall
High Growth Area
To purchase a ±6.79 acre parcel, NNN ground leased to
Kohl’s is located adjacent to the Chico mall through
Chico currently has 502 proposed residential units, 1,000
Kohl’s Department Stores, Inc., that has approximately
common ingress and egress. The ±528,397
approved residential units and 1,637 recorded lots.
10 years remaining on the lease term with no landlord
square-foot Chico Mall is anchored by Dick’s Sporting
responsibilities.
Goods, Forever 21, JC Penney, and Sears.
Priced Well Below Replacement Cost
Free and Clear
within Chico’s dominant retail corridor. This interchange
Kohl’s is being offered at $90.09 per square foot based
The property is offered free and clear of existing financing
records approximately ±125,900 cars per day.
on building area which is far below replacement cost.
and provides an attractive 1031 Exchange opportunity.
Excellent Location Located off of the Highway 99 and East 20th interchange
Investment Summary Price
$7,300,000
Square Feet
±88,408
Price Per Square Foot
$82.57
Cap Rate
5.75%
Occupancy
100%
Annual Rent
$419,744.16
Tenant
Kohl’s Department Stores, Inc.
Lease Expiration Options
January 31, 2027 8 Five-Year Options with 5% rental increases per option
Market Cap of Kohl's Added Security of Investment
$6.25 Billion Ground Lease
Investment Highlights •• $6.25 Billion market capitalization - Kohl’s Department Stores, Inc. (NYSE:KSS). •• Single tenant NNN leased investment. •• Added security of a ground lease. •• Lease expires January 31, 2027. •• Eight, five-year lease renewal options. •• Option period rent increases 5.00% every five years, option rent in the final option period starting in 2062 will only be $6.98 per square foot annually. •• Chico is the major employment center, medical and retail hub for Butte County and the surrounding Northern California region. •• No landlord responsibilities. •• Available free and clear of existing debt. •• Provides an attractive 1031 opportunity. •• No new large retail developments to be constructed in the near future. •• Tremendous visibility from Highway 99 and Springfield Drive.
KOHL’S AT SPRINGFIELD VILLAGE
1505 SPRINGFIELD DRIVE | CHICO, CA
SITE
SPRINGFIELD DRIVE
FOREST AVENUE
E 20TH STREET
1505 SPRINGFIELD DRIVE | CHICO, CA 95928 $7,300,000 | Absolute Triple Net (NNN) Ground Lease 5.75% Cap Rate | ±88,408 Square Feet
Gary Gallelli | 916.784.2700 | [email protected] Mickey Turpen | 916.784.2700 | [email protected] Alvin Mansour | 858.373.3184 | [email protected] Kevin Mansour | 858.373.3187 | [email protected]
KOHL’S AT SPRINGFIELD VILLAGE
1505 SPRINGFIELD DRIVE | CHICO, CA
The Opportunity Opportunity
Chico Mall
High Growth Area
To purchase a ±6.79 acre parcel, NNN ground leased to
Kohl’s is located adjacent to the Chico mall through
Chico currently has 502 proposed residential units, 1,000
Kohl’s Department Stores, Inc., that has approximately
common ingress and egress. The ±528,397
approved residential units and 1,637 recorded lots.
10 years remaining on the lease term with no landlord
square-foot Chico Mall is anchored by Dick’s Sporting
responsibilities.
Goods, Forever 21, JC Penney, and Sears.
Priced Well Below Replacement Cost
Free and Clear
within Chico’s dominant retail corridor. This interchange
Kohl’s is being offered at $90.09 per square foot based
The property is offered free and clear of existing financing
records approximately ±125,900 cars per day.
on building area which is far below replacement cost.
and provides an attractive 1031 Exchange opportunity.
Excellent Location Located off of the Highway 99 and East 20th interchange
Investment Summary Price
$7,300,000
Square Feet
±88,408
Price Per Square Foot
$82.57
Cap Rate
5.75%
Occupancy
100%
Annual Rent
$419,744.16
Tenant
Kohl’s Department Stores, Inc.
Lease Expiration Options
January 31, 2027 8 Five-Year Options with 5% rental increases per option
Market Cap of Kohl's Added Security of Investment
$6.25 Billion Ground Lease
Investment Highlights •• $6.25 Billion market capitalization - Kohl’s Department Stores, Inc. (NYSE:KSS). •• Single tenant NNN leased investment. •• Added security of a ground lease. •• Lease expires January 31, 2027. •• Eight, five-year lease renewal options. •• Option period rent increases 5.00% every five years, option rent in the final option period starting in 2062 will only be $6.98 per square foot annually. •• Chico is the major employment center, medical and retail hub for Butte County and the surrounding Northern California region. •• No landlord responsibilities. •• Available free and clear of existing debt. •• Provides an attractive 1031 opportunity. •• No new large retail developments to be constructed in the near future. •• Tremendous visibility from Highway 99 and Springfield Drive.
KOHL’S AT SPRINGFIELD VILLAGE
1505 SPRINGFIELD DRIVE | CHICO, CA
SITE
SPRINGFIELD DRIVE
FOREST AVENUE
E 20TH STREET
