Footlocker
Columbia, South Carolina
| Price | $3,426,000 |
| Cap Rate | 7.75% |
| NOI | $265,488 |
| Lease Term | 10 Years* |
| Lease Type | Net, With Tenant Responsible For Taxes, Insurance, And Maintenance, Excluding Roof And Structure |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2020 |
| Building Size | 16,593 SF |
| Lot Size | 1.14 Acres (49,659 SF) |
| Status | Under Contract |
| Lead Broker Information | Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 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 |
Investment Highlights
10 YEAR CORPORATE NET LEASE TO SINGLE-TENANT ASSET
» Leased to Foot Locker Retail, Inc. for 10 years, plus two (2) five-year options
» Foot Locker (NYSE: “FL”) engages in the retail of athletic shoes and apparel, with over 3,100 locations and $7.5 billion in annual revenue
» Rated “BB+” by Standard & Poor’s
» 10% fixed rental increases every five years in initial term and extension terms, providing a hedge against inflation
HIGH-TRAFFIC LOCATION IN DENSLEY POPULATED AND GROWING AREA
» High-traffic location with 37,300 vehicles per day directly in front of the property on Two Notch Road
» Outparcel to Columbia Place Mall (63 stores, 1,100,000 SF retail space) and adjacent to Fashion Place Shopping Center, providing crossover traffic to the location
» Immediate access to Interstate 20 and 77 (183,300 AADT combined)
» Densely populated with 130,282 residents living within five miles of the property
» Growing community with an average household income of $73,774 within a five-mile radius and projected to increase 11 percent by 2026, poising Foot Locker and
Columbia for concurrent growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Less than a 10-minute drive from Fort Jackson (3,500 employees)
» Beneficial proximity to several multi-family developments and shopping centers, promoting increased traffic to the area
» Surrounded by several large schools such as Richland Northeast High School (1,449 students) and Dent Middle School (1,273 students)
» Gateway to The Green Book of South Carolina and numerous nearby tourist attractions, including Sesquicentennial State Park (1,419-acre park)
» Minutes from MUSC Health Columbia Medical Center Northeast (75 beds) and G. Werber Bryan Psychiatric Hospital (198 beds)
» Seven miles from Downtown Columbia (14.8 million annual visitors)
Property Description
The subject property is located on Two Notch Road / U.S. Route 1 with excellent visibility and access to 37,300 vehicles per day directly in front of the site. The site maintains beneficial proximity to Interstate 20 and 77, with access to 183,300 vehicles per day. The property is an outparcel to Columbia Place Mall, a large shopping mall with 63 stores and 1,100,000 square feet of retail space. Richland County recently acquired a portion of Columbia Place Mall for nine million for its core operations, increasing traffic of daily commuters in the area. The site is adjacent to the Fashion Place Shopping Center, providing crossover traffic to the location. The property is surrounded by a strong mix of well-established local and national retailers, including Lowe’s Home Improvement, AutoZone Auto Parts, O’Reilly Auto Parts, Pizza Hut, Outback Steakhouse, McDonald’s, and many more.
Visibility to the property is increased by its centralized location in a densely populated and growing community. 130,282 residents live within five miles of the property with an average household income of $73,774. The area is growing rapidly, with the average annual household income projected to increase 11 percent by 2026, poising Foot Locker and Columbia for concurrent growth. The site is near several large schools such as Richland Northeast High School (1,449 students) and Dent Middle School (1,273 students). The location is minutes from MUSC Health Columbia Medical Center Northeast (75 beds) and G. Werber Bryan Psychiatric Hospital (198 beds). The property is located near major area attractions such as The Green Book of South Carolina and Sesquicentennial State Park, which is a 1,419-acre park, situated in the middle of the sandhills region, featuring a beautiful 30-acre lake and surrounded by trails and picnic areas. The site is seven miles from Downtown Columbia, visited by 14.8 million people annually.
