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KOHL’S, Glendale, AZ

KOHL’S

Price $12,854,000
Cap Rate 6.50%
NOI $835,456
Lease Term 26 Years, With 10 Years Remaining
Lease Type Net, With Tenant Responsible For All Taxes, Utilities, Insurance, And Maintenance, Excluding Structural Maintenance And Parking Lot Replacement
Rental Increases 10% Rental Increases In Option Periods
Year Built 2003
Building Size 88,219 SF
Lot Size 9.54 Acres (415,444 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

ICONIC TENANT WITH STRONG FINANCIALS
» Recent 10-year lease extension
» Kohl’s (NYSE: “KSS”) is 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
» Annual revenue of $19.1 billion
» Investment grade tenant, rated “BBB” by S&P and “Baa2” by Moody’s
» Among the largest department store chains in the U.S.

EXTREMELY DENSE RETAIL CORRIDOR WITH HIGH AADT
» Located at the signalized intersection of West Bell Road and North 55th Avenue, with excellent visibility and access to over 45,288 vehicles per day
» Nearby access to Route 101, a semi-beltway encompassing much of the Phoenix metropolitan area, with a high traffic volume of 169,144 vehicles per day near the property
» The property anchors the Desert Glen Shopping Center, which features a strong mix of local, regional, and national tenants, including Big 5 Sporting Goods, Music & Arts, Edible Arrangements, Justice, and more
» The West Bell Road retail corridor is home to some of the Phoenix area’s most popular shopping destinations
» Less than three miles from Arrowhead Towne Center, which draws 10.8 million visitors per year—twice as many as the Grand Canyon—and serves a trade area of 1.5 million, encompassing a third of the Phoenix MSA’s population

CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Close to a number of public schools—such as Deer Valley High School (1,900 students)—as well as the campuses of several colleges, including Midwestern University (2,932 students) and Arizona State University’s West Campus (3,663 students)
» Minutes from notable community amenities, including the 555-bed, 3,000-employee Banner Thunderbird Medical Center and the 145-acre Peoria Sports Complex, which hosts spring training for Major League Baseball’s San Diego Padres and Seattle Mariners
» Directly across from AAA’s operations center (1,067 employees) and close to many of the region’s largest employers
» Strong daytime population of 138,592 daytime employees working within a five-mile radius
» 350,428 residents live within a five-mile radius, providing a sizeable customer base » Average household income of $87,551 within one mile of the property, over 7% higher than the regional average



Property Description

The property is conveniently located at the signalized intersection of West Bell Road and North 55th Avenue, with excellent visibility and access to over 45,288 vehicles per day. The property is a short distance from North 51st Avenue (24,885 AADT), which provides access to the nearby Route 101, a semi-beltway encompassing much of the Phoenix metropolitan area, with a high traffic volume of 169,144 vehicles per day near the property. The property anchors the Desert Glen Shopping Center, which features a strong mix of local, regional, and national tenants, including Big 5 Sporting Goods, Music & Arts, Edible Arrangements, Justice, and more. The West Bell Road retail corridor is home to some of the Phoenix area’s most popular shopping destinations. Arrowhead Towne Center—located less than three miles from the property—is the leading shopping destination in the Phoenix area’s West Valley region, drawing 10.8 million shoppers per year. Other nearby shopping centers include Arrowhead Crossing—featuring Target and Ross—and Talavi Towne Center, anchored by Walmart Supercenter.

The property is centrally located near several schools and universities, important community amenities, and major employers. The property is close to a number of public schools—such as Deer Valley High School (1,900 students)—as well as the campuses of several colleges, including Midwestern University (2,932 students) and Arizona State University’s West Campus (3,663 students). Several notable community amenities are just minutes from the property, including the 555-bed, 3,000-employee Banner Thunderbird Medical Center and the 145-acre Peoria Sports Complex, which hosts spring training for Major League Baseball’s San Diego Padres and Seattle Mariners. Also close to the property are several of the region’s largest employers, such as AAA’s operations center (1,067 employees), providing a strong daytime population of 138,592 daytime employees working within a five-mile radius. Additionally, the property is supported by a sizeable customer base with robust demographics; 350,428 residents live within a five-mile radius, and the average household income within one mile of the property is $87,551.

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