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Views: 142 DOM: 532 Updated: 08.16.24 Posted: 07.09.23 Status: Active

Summary

Price $17,226,000
Built/Renov 2023
Tenant Target
Cap Rate 5.10%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 111,208
Lease Start 08-01-2023
#Units 1,956
Price/SF $154.90
Expiration 01-01-2039
Tenant Type Big Box Retail
NOI $878,543
R. Term 14.0
Ownership Fee Simple
Rent/SF $7.90
Increases 10.0%/5/yrs
Pop 5Mi 48,651
Lot/AC 9.68
Options 8/5yrs/10%
AHHI 5Mi $76,465

Lease Highlights

  • Newly-remodeled building
  • Brand-new 15-year lease with 8 (5-year) options to extend
  • Lease features 10% increases every 5 years durng the initial term and at the beginning of each option period
  • Favorable NN+ lease | Minimal landlord responsibilities (roof and structure)
  • Corporate guaranteed lease by Target Corporation (NYSE: TGT)
  • Investment grade tenant (S&P: A)

Location Description

The newly remodeled Target is strategically located near the signalized, hard-corner intersection of Broadway St. and N. 36th St., averaging a combined 34,900 vehicles passing by daily. The site benefits from excellent visibility via a large pylon sign along Broadway St. and a large monument sign along N. 36th St. In addition, the asset is ideally situated within a dense, regional retail...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Target
  • Guarantor:Corp T and Rated
  • Company:Target Corporation
  • # Units:1,956
  • Tenant S&P: A
  • Moody’s: A2
  • Stock: NYSE: TGT

About Tenant

Target Corporation (NYSE: TGT) is an American retail corporation and the seventh largest retailer in the United States. Founded in 1902 as Goodfellow Dry Goods, the first Target discount store...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,959 38,316 47,800
2023 Total Population : 5,058 38,912 48,512
2023 Employed Civilian Pop : 2,367 18,801 23,567
2023 Total Businesses : 409 1,820 2,053
2023 Average Household Income : $ 77,252 $ 78,669 $ 81,864
2023 Total Consumer Spending : $ 161 M $ 1156 M $ 1485 M
2023 Median Age : 49 42 42
2023 Total Households : 2,391 16,833 20,817
2023 Pop Age 25+: Bachelor's Degree : 576 5,114 6,378
2023 Average Home Value : $ 174,621 $ 171,696 $ 183,384
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
N 36th St Broadway St 2000 12,600 0.10 mi
N 36th St Briarwood Dr 2000 12,600 0.10 mi
Queen Anne Ave N 36th St 2000 350 0.11 mi
N 36th St Quincy Mal 2000 12,100 0.13 mi
Sherwood Dr Biscayne St 2000 150 0.18 mi
N 36th St College Ave 2000 12,400 0.19 mi
Broadway St N 34th St 2005 22,300 0.20 mi
IL 104 2021 20,600 0.20 mi
Columbus Rd N 36th St 2000 6,400 0.20 mi
College Ave N 36th St 2000 3,050 0.21 mi

Listing Broker

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