WSS Shoes

1703 E Palmdale Blvd, Palmdale, CA 93550

$2,620,000

Cap Rate 5.74%

Views: 156 DOM: 676 Updated: 10.25.24 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 3.1	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,...

...

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

...

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...

...

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

180 Listings
25507 Views
63 Sold

Jereme Snyder

Colliers NNN Group

Contact

168 Listings
23719 Views
59 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

...

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

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT