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Kohl’s, Knoxville, TN

Kohl’s

Knoxville, TN

Price $10,514,000
Cap Rate 5.75%
NOI $604,504
Lease Term 10+ Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structural Maintenance, And Parking Lot
Rental Increases Rental Increases Every Five (5) Years
Year Built 1997
Building Size 86,900 SF
Lot Size 32.655 Acres (1,422,444 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267

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 ABSOLUTE NNN LEASE TO INVESTMENT GRADE TENANT
» Long-term absolute NNN lease to Kohl’s (NYSE: “KSS”), a leading omni-channel retailer with more than 1,100 stores in 49 states
» Listed on both the S&P 500 and the Fortune 500
» Investment grade tenant, rated “BBB-” by S&P and “Baa2” by Moody’s
» Sephora will be opening stores inside of Kohl’s in over 400 locations nationwide including the subject property
» Among the largest department store chains in the U.S. (annual revenue of $15.96 billion)
» Absolute NNN lease requires no landlord management, ideal for an out-of-area investor
» Recent lease extension, demonstrating tenant’s commitment to the location
» Large 32.655-acre parcel with ample parking

PROMINENT HIGH-TRAFFIC LOCATION IN MAJOR KNOXVILLE RETAIL CORRIDOR
» Located near the signalized intersection of Washington Pike and North Mall Road, with access to 50,490 vehicles per day at the intersection
» Convenient access to Interstate 640 (72,948 AADT), significantly increasing traffic in the area
» Population of 107,775 within a five-mile radius of the property (eight percent increase since 2010)
» Projected population and income increase within 5-, 10-, and 15-mile radii over the next five years, poising Kohl’s and Knoxville for steady concurrent growth
» Only Kohl’s within a 20-minute drive of the site, providing limited competition and excellent market share potential

CENTRAL LOCATION NEAR LARGE KNOXVILLE EMPLOYERS AND COMMUNITY HUBS
» Across from Harvest Park Shopping Center, the most dominant power center on Knoxville’s east side (160,000 SF), which features national tenants such as Target, Ross, Marshalls, and many others
» Walking distance from new Amazon Delivery Station (opening 2022, 1,500 projected new jobs)
» 3.5 miles from the Knoxville Zoo (585,000+ visitors in 2021)
» Eight miles from Downtown Knoxville, the city’s central business district (population 190,740)
» Nine miles from the University of Tennessee (31,701 students, $1.52 billion annual economic impact)


Property Description

This Kohl’s is located near the signalized intersection of Washington Pike and North Mall Road, with access to 50,490 vehicles per day at the intersection. The site offers convenient access to Interstate 640 (72,948 AADT), significantly increasing traffic in the area. The property is located in a populous area with 217,468 residents living within a five-mile radius (13 percent increase since 2010), and with projected population and income increases within 5-, 10-, and 15-mile radii over the next five years, Kohl’s and Knoxville are poised for steady concurrent growth. The location also serves as the only Kohl’s within a 20-minute drive of the site, providing limited competition and excellent market share potential.

The property is centrally located near large Knoxville employers and community hubs. The site is across from Harvest Park Shopping Center, the most dominant power center on Knoxville’s east side (160,000 SF), and which is anchored by Target and Ross. The location is walking distance from a new Amazon Delivery Station (opening 2022, 1,500 projected new jobs) and 3.5 miles from the Knoxville Zoo (585,000+ visitors in 2021). This Kohl’s is also just eight miles from Downtown Knoxville, the city’s central business district (population 190,740) and nine miles from the University of Tennessee, which features 31,701 students and generates approximately $1.5 billion in annual economic impact.

Contact Us About This Property


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