kohl’s at springfield village - gallelli real estatekohl’s at springfield village 1505...
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KOHL’S AT SPRINGFIELD VILLAGE 1505 SPRINGFIELD DRIVE | CHICO, CA 95928
Alvin Mansour | 858.373.3184 | [email protected]
Kevin Mansour | 858.373.3187 | [email protected]
Gary Gallelli | 916.784.2700 | [email protected]
Mickey Turpen | 916.784.2700 | [email protected]
$7,300,000 | Absolute Triple Net (NNN) Ground Lease
5.75% Cap Rate | ±88,408 Square Feet
KOHL’S AT SPRINGFIELD VILLAGE 1505 SPRINGFIELD DRIVE | CHICO, CA
Opportunity
To purchase a ±6.79 acre parcel, NNN ground leased to
Kohl’s Department Stores, Inc., that has approximately
10 years remaining on the lease term with no landlord
responsibilities.
Priced Well Below Replacement Cost
Kohl’s is being offered at $90.09 per square foot based
on building area which is far below replacement cost.
The Opportunity
Chico Mall
Kohl’s is located adjacent to the Chico mall through
common ingress and egress. The ±528,397
square-foot Chico Mall is anchored by Dick’s Sporting
Goods, Forever 21, JC Penney, and Sears.
Free and Clear
The property is offered free and clear of existing financing
and provides an attractive 1031 Exchange opportunity.
High Growth Area
Chico currently has 502 proposed residential units, 1,000
approved residential units and 1,637 recorded lots.
Excellent Location
Located off of the Highway 99 and East 20th interchange
within Chico’s dominant retail corridor. This interchange
records approximately ±125,900 cars per day.
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 January 31, 2027
Options 8 Five-Year Options with 5% rental increases per option
Market Cap of Kohl's $6.25 Billion
Added Security of Investment Ground Lease
Investment Summary
• $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.
Investment Highlights
E 20TH STREET
SPRINGFIELD DRIVE
FO
RE
ST
AV
EN
UE
SITE
KOHL’S AT SPRINGFIELD VILLAGE 1505 SPRINGFIELD DRIVE | CHICO, CA