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Department Store

Kohl's North Glendale | Irreplaceable Infill Location in a Highly Populated Area

5408 W Bell Rd, Glendale, AZ 85308

Listing Price: $17,225,000

Cap Rate
4.85%
Tenant Name
Kohl's
Years Remaining On Lease
7.6
Guarantor
Corporate Guarantee
Rentable SF
87,875
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$9.51

Investment Overview

Marcus & Millichap is pleased to present this Kohl’s department store located at 5408 West Bell Road in Glendale, Arizona. The lease was recently extended for 10 years, highlighting Kohl’s commitment to this location. There are just under 8 years remaining and there are seven, five-year option periods to extend. The lease features scheduled rent increases throughout the primary and renewal terms. The lease provides that the tenant shall be responsible for all taxes, utilities, insurance and maintenance. Landlord responsibilities are limited to structural maintenance and parking lot replacement. The subject property was built in 2003 and features ±87,875 SF of leasable area. The Kohl’s is situated on an oversized ±9.546 AC (±415,824 SF) lot and is easily accessible from the signalized intersection of West Bell Road & North 55th Avenue. Kohl’s anchors the Desert Glen Shopping Center, which features a synergistic mix of tenants including Big 5 Sporting Goods and other national and regional tenants. The subject property benefits immensely from being proximate to the Peoria Sports Complex, Thunderbird Medical Center and Multiple Schools – all of which drive traffic and customers to the store. The immediate area surrounding the Kohl’s property experiences extraordinarily high traffic counts. The subject property is located right off the signalized intersection of West Bell Road and North 55th Avenue which sees over 47,000 vehicles per day. The property is also adjacent to US-101, a high traffic thoroughfare which is travelled by over 170,000 vehicles per day. Kohl’s is centrally located in a primary retail corridor with surrounding national retailers that include WinCo Foods, Walmart Supercenter, Floor & Décor, Sprouts Farmers Market, El Pollo Loco, and many numerous other local, regional and national tenants.

Investment Highlights

  • Just Under 8 Years of Lease Term Remaining on Recent 10-Year Extension
  • Scheduled Rent Increase in February 2024 and Throughout Renewal Options
  • Limited Landlord Responsibilities – Tenant Responsible for Taxes, Utilities, Insurance and Maintenance
  • ±87,875 SF Building Located on Large ±9.546 AC (±415,824 SF) Lot
  • Kohl's (NYSE: KSS) is a Leading Omnichannel Retailer – Featured on S&P 500 and Fortune 500
  • Investment Grade Tenant with Annual Revenues of $19.1 Billion
  • Anchors the Desert Glen Shopping Center – Includes a Mix of National and Regional Retailers
  • Traffic Counts of Over 47,000 VPD at the Signalized Intersection of West Bell Rd / N 55th Avenue

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (602) 687-6700

    License(s) AZ: BR675146000

    Arizona

Department Store

Kohl's North Glendale | Irreplaceable Infill Location in a Highly Populated Area

Listing Price: $17,225,000

Cap Rate
4.85%
Tenant Name
Kohl's
Years Remaining On Lease
7.6
Guarantor
Corporate Guarantee
Rentable SF
87,875
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$9.51

Investment Highlights

  • Just Under 8 Years of Lease Term Remaining on Recent 10-Year Extension
  • Scheduled Rent Increase in February 2024 and Throughout Renewal Options
  • Limited Landlord Responsibilities – Tenant Responsible for Taxes, Utilities, Insurance and Maintenance
  • ±87,875 SF Building Located on Large ±9.546 AC (±415,824 SF) Lot
  • Kohl's (NYSE: KSS) is a Leading Omnichannel Retailer – Featured on S&P 500 and Fortune 500
  • Investment Grade Tenant with Annual Revenues of $19.1 Billion
  • Anchors the Desert Glen Shopping Center – Includes a Mix of National and Regional Retailers
  • Traffic Counts of Over 47,000 VPD at the Signalized Intersection of West Bell Rd / N 55th Avenue

Investment Overview

Marcus & Millichap is pleased to present this Kohl’s department store located at 5408 West Bell Road in Glendale, Arizona. The lease was recently extended for 10 years, highlighting Kohl’s commitment to this location. There are just under 8 years remaining and there are seven, five-year option periods to extend. The lease features scheduled rent increases throughout the primary and renewal terms. The lease provides that the tenant shall be responsible for all taxes, utilities, insurance and maintenance. Landlord responsibilities are limited to structural maintenance and parking lot replacement. The subject property was built in 2003 and features ±87,875 SF of leasable area. The Kohl’s is situated on an oversized ±9.546 AC (±415,824 SF) lot and is easily accessible from the signalized intersection of West Bell Road & North 55th Avenue. Kohl’s anchors the Desert Glen Shopping Center, which features a synergistic mix of tenants including Big 5 Sporting Goods and other national and regional tenants. The subject property benefits immensely from being proximate to the Peoria Sports Complex, Thunderbird Medical Center and Multiple Schools – all of which drive traffic and customers to the store. The immediate area surrounding the Kohl’s property experiences extraordinarily high traffic counts. The subject property is located right off the signalized intersection of West Bell Road and North 55th Avenue which sees over 47,000 vehicles per day. The property is also adjacent to US-101, a high traffic thoroughfare which is travelled by over 170,000 vehicles per day. Kohl’s is centrally located in a primary retail corridor with surrounding national retailers that include WinCo Foods, Walmart Supercenter, Floor & Décor, Sprouts Farmers Market, El Pollo Loco, and many numerous other local, regional and national tenants.

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (602) 687-6700

    License(s): AZ: BR675146000

    Arizona

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