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Department Store

Kohl's

221 Wilmar Ave, Grand Island, NE 68803

Listing Price: $8,017,916

Cap Rate
6.00%
Tenant Name
Kohl's
Years Remaining On Lease
3.0
Guarantor
Corporate Guarantee
Rentable SF
68,724
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$7.00

Investment Overview

Marcus & Millichap has been retained to exclusively market a pride-of-ownership Kohl’s (the "Property") in Grand Island, NE. Home to the Nebraska State Fair since 2010, Grand Island is a city in central Nebraska and is the county seat of Hall County, NE. Grand Island is home to the Nebraska Law Enforcement Training Center, which is the sole agency responsible for training law enforcement officers throughout the state, as well as the home of the Southern Power District serving southern Nebraska. Development is underway for a $100+ million Grand Island Casino Resort featuring 650+ slot machines and 20+ table games along with an Elite sportsbook on a 37,000 SF casino floor. Apart from a spectacular gaming floor, hotel plans include an indoor, outdoor pool, and full-service spa and salon. Multiple dining choices including fine dining at Ruthie’s Steak & Seafood, a sports bar and grill, family dining, and more. Construction on the permanent casino will start in 2023, with completion expected sometime in 2025. Only one mile away from this Kohl’s, the 611,000-SF Conestoga Mall is junior-anchored by BestBuy and has been propositioned for a $150-200 million investment by a redevelopment company to completely renovate both the interior and exterior of the mall, as well as its surrounding area. This would include the parking lot being redone, more space for retail and potentially a hotel. Built in 2005, this well-maintained Kohl’s occupies a ±68,725-SF building sitting on a ±7.28-acre parcel, and is operating under a Corporately-guaranteed Triple-Net (NNN) lease with 3+ years remaining in the base term followed by six (6) 5-year renewal options with five percent (5%) rent bumps every five (5) years. Kohl’s is currently paying only seven dollars per square foot annually ($7 PSF, annualized), or $481,074.96 in annual rent ($40,089.58 monthly rent). Situated in the Grand Corners Shopping Center, this Kohl’s benefits from its neighboring proximity to outparcels including Starbucks, Texas Roadhouse, Perkin’s Restaurant, and from being adjacent to a busy Hy-Vee regional grocery store with a gas station, T.J. Maxx department store and Hobby Town retailer. This Kohl’s is optimally located in the primary retail corridor that serves all the residents in the city of Grand Island and its surrounding towns. Major retailers in this trade area include Sam’s Club, Home Depot, Walmart Supercenter, Hy-Vee regional grocery chain, Hobby Lobby, Tractor Supply, Menard’s home improvement store, Ford and Kia car dealerships, McDonald’s, Wendy’s, Popeyes, Raising Cane’s, Starbucks, Texas Roadhouse, Perkin’s Restaurant, IHOP, Taco Bell, Olive Garden, Freddy’s Frozen Custard and Burgers, Big O Tires, O’Reilly’s Auto Parts, Walgreens, Dick’s Sporting Goods, Burlington Coat Factory and more. Additionally, this Kohl’s is 1-mile away from the 24/7 CHI Health St. Francis general hospital with 1,100+ employees and 100+ physicians.

Investment Highlights

  • Absolute Triple-Net (NNN) Lease | Zero Landlord Responsibilities
  • Five Percent (5%) Rental Increases Every 5 Years | Six (6) Five-Year Option Renewals
  • Low, Replaceable Rent | Tenant Currently Paying $7 PSF Annually
  • ±68,725 SF GLA | ±7.28 Acres | Potential for Re-Development if Tenant were to vacate
  • Primary Retail Corridor with Hy-Vee, Sam's Club, Home Depot, Walmart Supercenter, Starbucks, Raising Cane's, Tractor Supply, Hobby Lobby, CHI Health Hospital
  • Significant Economic Development | Incoming $100 Million Casino Resort | $150-200 Million Renovation of 611K SF Mall | $80-100 Million 320 Units Proposed
  • Corporate Guarantee | S&P Rated: "-BBB" (NYSE: KSS) | ±1,100 Stores in 49 States | 99,000+ Employees

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) NE: 20200223

    Nebraska

Financing By

Department Store

Kohl's

Listing Price: $8,017,916

Cap Rate
6.00%
Tenant Name
Kohl's
Years Remaining On Lease
3.0
Guarantor
Corporate Guarantee
Rentable SF
68,724
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$7.00

Investment Highlights

  • Absolute Triple-Net (NNN) Lease | Zero Landlord Responsibilities
  • Five Percent (5%) Rental Increases Every 5 Years | Six (6) Five-Year Option Renewals
  • Low, Replaceable Rent | Tenant Currently Paying $7 PSF Annually
  • ±68,725 SF GLA | ±7.28 Acres | Potential for Re-Development if Tenant were to vacate
  • Primary Retail Corridor with Hy-Vee, Sam's Club, Home Depot, Walmart Supercenter, Starbucks, Raising Cane's, Tractor Supply, Hobby Lobby, CHI Health Hospital
  • Significant Economic Development | Incoming $100 Million Casino Resort | $150-200 Million Renovation of 611K SF Mall | $80-100 Million 320 Units Proposed
  • Corporate Guarantee | S&P Rated: "-BBB" (NYSE: KSS) | ±1,100 Stores in 49 States | 99,000+ Employees

Investment Overview

Marcus & Millichap has been retained to exclusively market a pride-of-ownership Kohl’s (the "Property") in Grand Island, NE. Home to the Nebraska State Fair since 2010, Grand Island is a city in central Nebraska and is the county seat of Hall County, NE. Grand Island is home to the Nebraska Law Enforcement Training Center, which is the sole agency responsible for training law enforcement officers throughout the state, as well as the home of the Southern Power District serving southern Nebraska. Development is underway for a $100+ million Grand Island Casino Resort featuring 650+ slot machines and 20+ table games along with an Elite sportsbook on a 37,000 SF casino floor. Apart from a spectacular gaming floor, hotel plans include an indoor, outdoor pool, and full-service spa and salon. Multiple dining choices including fine dining at Ruthie’s Steak & Seafood, a sports bar and grill, family dining, and more. Construction on the permanent casino will start in 2023, with completion expected sometime in 2025. Only one mile away from this Kohl’s, the 611,000-SF Conestoga Mall is junior-anchored by BestBuy and has been propositioned for a $150-200 million investment by a redevelopment company to completely renovate both the interior and exterior of the mall, as well as its surrounding area. This would include the parking lot being redone, more space for retail and potentially a hotel. Built in 2005, this well-maintained Kohl’s occupies a ±68,725-SF building sitting on a ±7.28-acre parcel, and is operating under a Corporately-guaranteed Triple-Net (NNN) lease with 3+ years remaining in the base term followed by six (6) 5-year renewal options with five percent (5%) rent bumps every five (5) years. Kohl’s is currently paying only seven dollars per square foot annually ($7 PSF, annualized), or $481,074.96 in annual rent ($40,089.58 monthly rent). Situated in the Grand Corners Shopping Center, this Kohl’s benefits from its neighboring proximity to outparcels including Starbucks, Texas Roadhouse, Perkin’s Restaurant, and from being adjacent to a busy Hy-Vee regional grocery store with a gas station, T.J. Maxx department store and Hobby Town retailer. This Kohl’s is optimally located in the primary retail corridor that serves all the residents in the city of Grand Island and its surrounding towns. Major retailers in this trade area include Sam’s Club, Home Depot, Walmart Supercenter, Hy-Vee regional grocery chain, Hobby Lobby, Tractor Supply, Menard’s home improvement store, Ford and Kia car dealerships, McDonald’s, Wendy’s, Popeyes, Raising Cane’s, Starbucks, Texas Roadhouse, Perkin’s Restaurant, IHOP, Taco Bell, Olive Garden, Freddy’s Frozen Custard and Burgers, Big O Tires, O’Reilly’s Auto Parts, Walgreens, Dick’s Sporting Goods, Burlington Coat Factory and more. Additionally, this Kohl’s is 1-mile away from the 24/7 CHI Health St. Francis general hospital with 1,100+ employees and 100+ physicians.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): NE: 20200223

    Nebraska

Financing By

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