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Shoe Store

Skechers

4761 13th Ave S, Fargo, ND 58103

Listing Price: $3,485,000

Cap Rate
7.25%
Tenant Name
Skechers, Inc.
Years Remaining On Lease
6.3
Gross SF
9,024
Guarantor
Corporate Guarantee
Rentable SF
9,024
Price/Gross SF
$386.19
Lease Type
Double Net
Rent Per Square Feet
$28.00

Investment Overview

Skechers is a global brand designing and developing lifestyle and performance product known for style, innovation, quality, and comfort. Along with its diverse footwear offering, the company’s head-to-toe collections for men, women, and kids include a growing range of apparel and accessories. The Skechers footwear collection has grown to over 3,000 styles covering every age and activity.

Fargo is a city in and the county seat of Cass County, North Dakota. With nearly 126,000 residents, Fargo is the most populous city in the state. Fargo, along with its twin city of Moorhead, Minnesota and the adjacent cities of West Fargo, North Dakota and Dilworth, Minnesota, form the core of the Fargo-Moorhead, North Dakota-Minnesota metropolitan statistical area.

Investment Highlights

  • Over Six Years Remaining on Corporate Lease with Skechers (NYSE: SKX)
  • 10 Percent Rental Increases Every Five Years with Multiple Renewal Options; Near Term Scheduled Increase in 18 Months
  • Successful Location: Tenant Recently Waived One-Time Early Termination Option
  • Outparcel to Walmart Supercenter and Sam's Club
  • 162,235 Residents Within a Five-Mile Radius - Population and Households Projected to Increase 9 to 10 Percent in the Surrounding Area by 2027
  • Sketchers Reported Record Quarterly Sales of $2.02 Billion in Quarter Three 2023, a Year Over Year Increase of 7.8 Percent
  • Signalized Hard Corner Location Visible to 21,480 Cars per Day Along 13th Avenue South
  • Average Household Income Exceeds $87,000 Within a Five-Mile Radius

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) ND: 10032

    North Dakota

Financing By

Shoe Store

Skechers

Listing Price: $3,485,000

Cap Rate
7.25%
Tenant Name
Skechers, Inc.
Years Remaining On Lease
6.3
Gross SF
9,024
Guarantor
Corporate Guarantee
Rentable SF
9,024
Price/Gross SF
$386.19
Lease Type
Double Net
Rent Per Square Feet
$28.00

Investment Highlights

  • Over Six Years Remaining on Corporate Lease with Skechers (NYSE: SKX)
  • 10 Percent Rental Increases Every Five Years with Multiple Renewal Options; Near Term Scheduled Increase in 18 Months
  • Successful Location: Tenant Recently Waived One-Time Early Termination Option
  • Outparcel to Walmart Supercenter and Sam's Club
  • 162,235 Residents Within a Five-Mile Radius - Population and Households Projected to Increase 9 to 10 Percent in the Surrounding Area by 2027
  • Sketchers Reported Record Quarterly Sales of $2.02 Billion in Quarter Three 2023, a Year Over Year Increase of 7.8 Percent
  • Signalized Hard Corner Location Visible to 21,480 Cars per Day Along 13th Avenue South
  • Average Household Income Exceeds $87,000 Within a Five-Mile Radius

Investment Overview

Skechers is a global brand designing and developing lifestyle and performance product known for style, innovation, quality, and comfort. Along with its diverse footwear offering, the company’s head-to-toe collections for men, women, and kids include a growing range of apparel and accessories. The Skechers footwear collection has grown to over 3,000 styles covering every age and activity. Fargo is a city in and the county seat of Cass County, North Dakota. With nearly 126,000 residents, Fargo is the most populous city in the state. Fargo, along with its twin city of Moorhead, Minnesota and the adjacent cities of West Fargo, North Dakota and Dilworth, Minnesota, form the core of the Fargo-Moorhead, North Dakota-Minnesota metropolitan statistical area.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): ND: 10032

    North Dakota

Financing By

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