WSS | New 11yr Corp NNN w/ Increases
15,080 SF | Retail Building | Phoenix, AZ 85042 | $6,535,000 ($433/SF) | 6.35% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,535,000
- Property Type
-
Retail
- Square Feet
- 15,080 SF
- Price / Square Foot
- $433
Listing Contacts
Patrick Luther
Verified Profile
Matthew Mousavi
Verified Profile
John Toben
Verified Profile
- Property Info
Property Overview
SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, corporate signed WSS Shoes property located in Phoenix, Arizona. The tenant recently recently signed a brand new 11-year lease term with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increase in March 2029, as well as 10% increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed the corporate entity and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. A new roof was installed in 2024, which includes a 2-year full contractor warranty, as well as a 10-year manufacturer warranty. Foot Locker Inc. (NYSE: FL) recently purchased WSS and now serves as the parent company.
Owner/Agent: Members of the selling entity, Exclusive Listing Broker, are owners of this property
Owner/Agent: Members of the selling entity, Exclusive Listing Broker, are owners of this property
Property Details
- Class
- B
- Year Built/Renovated
- 2003/2023
- Stories
- 1
- Property Subtype
- Freestanding, Storefront
- Lot Size (sq. ft)
- 112,385 SF
Highlights
- Brand New 11-Year Lease | Corporate Signed | Foot Locker Inc. | Scheduled Rental Increases
- NNN Lease | Fee Simple Ownership | Limited Landlord Responsibilities
- Signalized, Hard-Corner Intersection (59,700 VPD) | Excellent Visibility & Access | Significant Street Frontage | Monument Sign
- Dense Retail Corridor | Strong National/Credit Tenant Presence | Nearby South Mountain High School (2,175 Students)
- Direct Consumer Base | Strong Demographics in 5-Mile Trade Area
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