WSS Shoes

1703 E Palmdale Blvd, Palmdale, CA 93550

$2,620,000

Cap Rate 5.74%

Views: 104 DOM: 579 Updated: 09.13.24 Posted: 02.15.23 Status: Active

Summary

Price $2,620,000	Built/Renov 1986	Tenant WSS Shoes
Cap Rate 5.74%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 7,600	Lease Start 02-01-2023	#Units 141
Price/SF $344.74	Expiration 01-31-2028	Tenant Type General Retail
NOI $150,480	R. Term 3.4	Ownership Fee Simple
Rent/SF $19.80	Increases 10.0%/5/yrs	Pop 5Mi 149,866
Lot/AC 0.62	Options 1/5yrs/10%	AHHI 5Mi $85,911

Lease Highlights

WSS has been operating in this location since 2011
Tenant executed a 5-year lease extension in Feb 2023 with 1 (5-year) option remaining
Lease does not feature rent increases during the current extension term
Lease features a 10% rent increase at the beginning of the remaining option (Feb 2028)
Favorable NN+ lease: landlord responsible for roof & structure
Corporate guarantee by Foot Locker, Inc (NYSE: FL)

Location Description

The subject property is positioned at the signalized, hard corner intersection of East Palmdale Blvd (State Route 138) and 17th Street East which sees over 25,800 vehicles per day. The property is an outparcel in the Gateway Center which contains Starbucks, Chase Bank, U.S. Bank, Verizon Wireless, T-Mobile, and Dollar House. Other major tenants in the retail corridor include Home Depot,...

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Key Features

Signalized intersection
Hard corner intersection
Shopping Ctr out-parcel
Highway location
Top 100 MSA
Strong demographics
Recently extended lease
Favorable NN+ lease
Traded and rated company
Corporate Guarantee

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Links

WSS Shoes Wikipedia WSS Shoes Wikipedia Palmdale, California Zip Code 93550 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: WSS Shoes
Guarantor:Corp T and Rated
Company:Foot Locker, Inc
# Units:141
Tenant S&P: BB
Moody’s: Ba2
Stock: NYSE: FL

About Tenant

WSS Shoes, formerly Warehouse Shoe Sales, is a leading southern California retailer that offers a wide variety of footwear, clothing, and accessories from all major brands. WSS carries over...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	18,753	90,264	148,987
2023 Total Population :	19,035	91,735	149,654
2023 Employed Civilian Pop :	6,658	35,261	59,645
2023 Total Businesses :	664	2,229	3,243
2023 Average Household Income :	$ 53,374	$ 74,523	$ 86,041
2023 Total Consumer Spending :	$ 279 M	$ 1752 M	$ 3165 M
2023 Median Age :	28	30	31
2023 Total Households :	5,924	26,915	42,472
2023 Pop Age 25+: Bachelor's Degree :	572	4,482	9,876
2023 Average Home Value :	$ 383,229	$ 380,985	$ 462,014

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Palmdale Blvd	Maureen St	2011	19,217	0.08 mi
E Ave Q-6	18th St E	2008	812	0.11 mi
17th St E	Sweetbriar St	2008	655	0.11 mi
E Ave Q-6	17th St E	2008	1,543	0.13 mi
138	20th St E	2018	21,100	0.16 mi
20th St E	E Palmdale Blvd	2004	9,377	0.22 mi
CA 138		2021	19,150	0.22 mi
15th St E	E Ave Q-6	2004	2,050	0.29 mi
20th St E	E Ave Q-5	2010	6,775	0.33 mi
15th St E	E Ave Q-5	2011	1,785	0.34 mi

Listing Broker

Eric Carlton

Colliers NNN Group

Contact

169 Listings
18723 Views
58 Sold

Jereme Snyder

Colliers NNN Group

Contact

157 Listings
17411 Views
55 Sold

Eric Carlton

Eric Carlton serves as Executive Vice President within the Retail Capital Markets Group of Greater Los Angeles, Partner of the Colliers NNN Group, and Co-Founder of the Snyder/Carlton Team for Colliers International nationwide. The Colliers Retail Services Group is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting i

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Jereme Snyder

Jereme S. Snyder is a Executive Vice President within the Retail Services Group in Greater Los Angeles and a Director of Colliers NNN Group for Colliers International nationwide. The Colliers Retail Services Team is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting in debt solutions. Colliers NNN Group is a national

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