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Shoe Store

WSS - Foot Locker Inc.

6950 S Congress Ave, Lake Worth, FL 33462

Listing Price: $5,950,000

Cap Rate
5.18%
Tenant Name
WSS-Foot Locker Inc.
Years Remaining On Lease
10.3
Guarantor
Corporate Guarantee
Rentable SF
11,200
Lease Type
Double Net
Rent Per Square Feet
$27.54

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase a WSS located at 6950 S Congress Ave, Lake Worth Beach, FL 33462. The property is situated on 1.68 acres of land and contains 11,200 square feet of net leasable area. This asset is subject to a long-term lease with 10 years remaining followed by four, five-year extension options. Lake Worth Beach is a coastal city of seven square miles, located in Palm Beach County, Florida. Downtown Lake Worth Beach is the artistic soul of Palm Beach County with a historic theater and a museum, live music clubs, coffee houses, art galleries, antique malls, retail stores, and many restaurants. New housing is becoming available throughout the City. Historic districts have been established to help preserve the old Florida architecture and City Hall is part of the Old Town National Register Historic District. Lake Worth Beach is a city embracing change. WSS has a fleet of 107 off-mall stores across California, Texas, Arizona and Nevada, and has a largely Hispanic consumer base. In 2021, Footlocker announced that the WSS acquisition has been completed for $750 million. WSS will maintain its name and operate as a new brand within the Foot Locker Inc. portfolio. WSS is committed to giving back to the communities they serve, sponsoring or participating in over 350 local events each year.

Investment Highlights

  • Brand New 10 Year Lease Commencing May 2023
  • 10% Rental Increases Every 5 Years, Providing A Hedge Against Inflation
  • NYSE Traded Parent Company (Footlocker) – S&P Credit Rating: BB+
  • Located Across From Boynton Lakes Plaza – Ranks In Top 10% Of Plazas In Florida
  • Hard Corner Signalized Intersection – Traffic of 68,500+ Vehicles Per Day
  • Miami MSA Location – 329,000 People Within 5 Mile Radius
  • Oversized 1.68 Acre Parcel With Ample On-Site Parking
  • Newly Remodeled Interior

Exclusively Listed By

Financing By

Shoe Store

WSS - Foot Locker Inc.

Listing Price: $5,950,000

Cap Rate
5.18%
Tenant Name
WSS-Foot Locker Inc.
Years Remaining On Lease
10.3
Guarantor
Corporate Guarantee
Rentable SF
11,200
Lease Type
Double Net
Rent Per Square Feet
$27.54

Investment Highlights

  • Brand New 10 Year Lease Commencing May 2023
  • 10% Rental Increases Every 5 Years, Providing A Hedge Against Inflation
  • NYSE Traded Parent Company (Footlocker) – S&P Credit Rating: BB+
  • Located Across From Boynton Lakes Plaza – Ranks In Top 10% Of Plazas In Florida
  • Hard Corner Signalized Intersection – Traffic of 68,500+ Vehicles Per Day
  • Miami MSA Location – 329,000 People Within 5 Mile Radius
  • Oversized 1.68 Acre Parcel With Ample On-Site Parking
  • Newly Remodeled Interior

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase a WSS located at 6950 S Congress Ave, Lake Worth Beach, FL 33462. The property is situated on 1.68 acres of land and contains 11,200 square feet of net leasable area. This asset is subject to a long-term lease with 10 years remaining followed by four, five-year extension options. Lake Worth Beach is a coastal city of seven square miles, located in Palm Beach County, Florida. Downtown Lake Worth Beach is the artistic soul of Palm Beach County with a historic theater and a museum, live music clubs, coffee houses, art galleries, antique malls, retail stores, and many restaurants. New housing is becoming available throughout the City. Historic districts have been established to help preserve the old Florida architecture and City Hall is part of the Old Town National Register Historic District. Lake Worth Beach is a city embracing change. WSS has a fleet of 107 off-mall stores across California, Texas, Arizona and Nevada, and has a largely Hispanic consumer base. In 2021, Footlocker announced that the WSS acquisition has been completed for $750 million. WSS will maintain its name and operate as a new brand within the Foot Locker Inc. portfolio. WSS is committed to giving back to the communities they serve, sponsoring or participating in over 350 local events each year.

Exclusively Listed By

Financing By

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