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DOM: 66 Updated: 06.12.23 Posted: 04.10.23 Status: Sold 06.15.23

Summary

Price $8,040,000
Built/Renov 1994
Tenant Best Buy
Cap Rate 7.85%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 47,160
Lease Start 02-24-1995
#Units 1,138
Price/SF $170.48
Expiration 02-24-2025
Tenant Type Big Box Retail
NOI $630,994
R. Term 0.2
Ownership Fee Simple
Rent/SF $13.38
Increases 5.0%/2/yrs
Pop 5Mi 242,804
Lot/AC 4.94
Options 1/5yrs/5%
AHHI 5Mi $133,860

Lease Highlights

  • Best Buy has a 28+ year operating history at this location
  • Tenant has over 1.5 years remaining on initial term with 1 (5-year) option to extend
  • Lease features a 5% rent increase at the beginning of the option period
  • Absolute NNN with zero landlord responsibilities
  • Corporate guarantee by Best Buy (NYSE: BBY)
  • Best Buy Co. Inc is an investment grade tenant (S&P: BBB+)

Location Description

The subject property is located at one of the most trafficked intersections of Metcalf Avenue & 115th Street which has almost 56,000 vehicles passing by daily. Best Buy is an outparcel to a Walmart Supercenter and Kohl’s anchored shopping center. The dense retail corridor has numerous large shopping centers, such as Southglen Center, The Fountains and Rosana Square, and features major national...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Best Buy
  • Guarantor:Corp T and Rated
  • Company:Best Buy Co Inc
  • # Units:1,138
  • Tenant S&P: BBB+
  • Moody’s: A3
  • Stock:NYSE: BBY

About Tenant

Best Buy (NASDAQ: BBY) is an American multinational consumer electronics retailer. Originally founded in 1966 as an audio specialty store called Sound of Music, it was rebranded to Best Buy in...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 8,218 92,484 256,587
2023 Total Population : 6,905 89,471 249,943
2023 Employed Civilian Pop : 3,913 51,094 138,264
2023 Total Businesses : 1,255 7,510 14,658
2023 Average Household Income : $ 133,624 $ 141,029 $ 137,338
2023 Total Consumer Spending : $ 353 M $ 4713 M $ 12371 M
2023 Median Age : 48 43 41
2023 Total Households : 3,084 39,275 105,808
2023 Pop Age 25+: Bachelor's Degree : 1,956 25,180 67,507
2023 Average Home Value : $ 368,626 $ 446,944 $ 423,598
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W 115th St Access Rd 2014 17,200 0.05 mi
Metcalf Ave W 115th St 2014 44,000 0.06 mi
W 115th St Floyd Dr 2014 4,800 0.10 mi
Metcalf Ave W 115th St 2014 44,100 0.12 mi
W 115th St Access Rd 2011 12,200 0.13 mi
Glenwood St Sprint Pkwy 2011 6,900 0.20 mi
Blue Valley Pkwy Metcalf Ave 2016 25,540 0.20 mi
Metcalf Ave W 119th St 2014 15,500 0.23 mi
W 119th St Access Rd 2014 34,000 0.29 mi
W 119th St Metcalf 2016 25,300 0.30 mi

Listing Broker

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