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Views: 83 DOM: 383 Updated: 07.09.24 Posted: 08.21.23 Status: Active

Summary

Price $5,995,000
Built/Renov 2002
Tenant Target (GL)
Cap Rate 5.55%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 126,000
Lease Start 01-29-2002
#Units 1,956
Price/SF $47.58
Expiration 01-31-2028
Tenant Type Big Box Retail
NOI $332,750
R. Term 3.4
Ownership Ground Lease
Rent/SF $2.64
Increases 10.0%/0/yrs
Pop 5Mi 63,146
Lot/AC 10.35
Options 7/5yrs/10%
AHHI 5Mi $95,061

Lease Highlights

  • Target has been operating at this location for 20+ years & recently exercised the first option period
  • Limited to no competition with this location being the only Target within a 25-mile radius
  • Tenant has 4+ years remaining on their primary term with 7 (5-year) with options to extend
  • Lease features 10% rental increases every other option
  • Corporate guarantee lease by Target Corporation (NYSE: TGT)

Location Description

Target is strategically situated on Catherwood Road with access to 31,945 vehicles passing by daily. The subject property is positioned as an outparcel to The Shops at Ithaca Mall, which is home to a variety of well-known retailers including Michaels, Best Buy, Dick's Sporting Goods, BJ's Wholesale, among others. Both Target and The Shops at Ithaca Mall benefit from high visibility and...

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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 : 5,269 37,132 66,585
2023 Total Population : 5,145 36,598 65,834
2023 Employed Civilian Pop : 2,630 16,560 29,929
2023 Total Businesses : 226 1,450 2,686
2023 Average Household Income : $ 161,369 $ 110,848 $ 105,993
2023 Total Consumer Spending : $ 341 M $ 1299 M $ 2362 M
2023 Median Age : 40 25 27
2023 Total Households : 2,482 13,532 25,706
2023 Pop Age 25+: Bachelor's Degree : 867 5,311 10,331
2023 Average Home Value : $ 467,273 $ 432,380 $ 390,244
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
State Hwy 13 Scn N Triphammer Rd 2006 32,740 0.25 mi
Pyramid Dr 2021 5,622 0.28 mi
N Triphammer Rd Graham Rd 2019 9,216 0.29 mi
Highland Rd 2021 567 0.34 mi
N Triphammer Rd 2021 5,654 0.34 mi
Highland Rd 2021 513 0.35 mi
Tyler Rd 2021 384 0.38 mi
State Rte 13 2021 13,106 0.43 mi
State Rte 13 2021 537 0.46 mi
Dart Dr 2021 2,380 0.52 mi

Listing Broker

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